With COVID-19 affecting every sector of the economy, the real estate section has also faced some challenges. However, Bethesda real estate has not been affected much like other places. According to Neighborhood Scout, the standard value of a house in Bethesda is $1,026,168. The area is considered one of the most high-class places in America. Bethesda real estate listings are a clear indication that people are still buying single-family homes in the area.
New Real Estate Listings in Bethesda:
At the beginning of 2020 when COVID-19 was becoming popular, real estate listings in Bethesda started strong. However, as the year progressed and the virus became destructive and COVID-19 cases started to rise at the end of March. The listings on the other hand started dropping. Between April and early May, the decrease in listings became significant. The listings dropped by about 43 percent of the 5-year regular.
The real estate market came to a breakthrough at end of May to June when the listings increased to 76 percent. As the year progresses COVID-19 cases are dropping significantly. The real estate market in Bethesda is expected to pick its pace and continue increasing.
Closed Sales and New Pendings in Bethesda:
The number of homes that have gone under contracts is referred to as new pending sales. Between January and March when COVID-19 was not so severe, new pending were high just like the listings. However, as April approached, the effects of the virus were felt when the pending sales dropped by a huge margin to 57 percent. In May, the pending started to recover and rose to 75 percent.
Closed sales on the other hand were not affected as much. In March, they dropped to 98 percent. However, in May, closed sales faced a significant drop to 68 percent. As the year progresses, people received awareness of the virus and the cases are dropping, closed sales are bound to go up again. Closed sales estimated between $1.1 million and $1.4 million especially in Camberley Ave and Greentree Rd.
Active Listings in Bethesda
Active listing refers to available or vacant homes in the market. Typically, June and July are known to be the high peak of active listings. In 2020, the percentage of active listings moved from 78 to 66 percent between January and March. This percentage is about one third less compared to the five-year average. These available homes go for about $800,000 to $ 1.1 million. For instance in Alta Vista, Bethesda, a single-family home costs $829,900 and in Oak Pl, it costs $1,699,900.
However, the active listings were not just affected by COVID-19 since the drop was observed from June 2019 before the outbreak of the virus. A decrease in active listings in Bethesda means there are a few available houses in the market. This can only be translated to mean people are still buying single homes in Bethesda despite the outbreak of the virus.
The statistics on real estate listings in Bethesda shows that the effects of COVID-19 in the area are not as bad as in other places in America. If you are looking for property for sale in Bethesda, contact The DC Team at Long & Foster, Inc. on (301)215-6855 or visit the website. We have several professional and skilled agents who will help you secure a luxurious home in a safe environment for you and your family. Our company is licensed to operate in Washington, D.C., Bethesda, Maryland, Florida, and Virginia.