Bethesda is a desirable real estate location in Montgomery County. The Bethesda real estate market is booming now because people want more space after being stuck at home for so long during covid-19.
Buyers ignited the local real estate market in Bethesda because of its low-interest rates and the need for more space.
Local agents say the pandemic buyer often is looking for a home that can serve multiple purposes as well as have suitable space for more family members. In 2020, sellers with 3 bedrooms were in the market for 4 bedrooms. Urban townhome owners were shopping for large single family properties in Chevy Chase, Bethesda, and Potomac.
Real Estate Market for Sellers in Bethesda
There is high demand and lower interest rates; it could be the best time to sell your Montgomery County MD home. If you are looking for more space in Bethesda and want to know how much is my house worth the form at that link can prove helpful to get a customized valuation from a market expert.
Real Estate Market for Buyers in Bethesda
The data below shows the overall pricing trend in the real estate market of Bethesda. Bethesda real estate has been an ideal investment option for buyers.
Average sale price in Bethesda by Home Type:
- Attached Condo/Coop: In January 2021, the average sale price was $2,82311 for the attached Condo. It dropped 26% as compared to January 2020.
While the sale price was $520,192 in February 2021 as compared to February 2020, the price shows a hike of 26%.
- Attached: In January 2021, the average sale price was $1,317,960. It showed a 147% rise in price as compared to January 2020.
While in February 2021, the average sale price was $809 000. It dropped 3.6% as compared to February 2020
- Detached Homes in Bethesda: In January 2021, the average selling price was $1,318,832. It shows a 7.6% hike in prices as compared to January 2020.
While in February 2021, the average selling price was $1,308,351. It shows a 9.1% increase in price as compared to February 2020.
Data provided by Bright MLS as of March 4, 2021
During the COVID-19 hike in the USA in April, new listings for Bethesda’s detached homes dropped significantly to 43% of the 5-year average, before rebounding in May to 76%. Check the table below.
Table: New Listings for Detached Homes in Bethesda
|Month||2020 Month||5-Year Month Average||% Change|
Bethesda Real Estate Market Factors
Bethesda is close to DC –inside the Beltway and – in the lower portion of Montgomery County with both urban & suburban areas. Employers in Bethesda are significant such as, National Naval Medical Center, the National Institutes of Health, the Naval Surface Warfare Center, Lockheed Martin, and Marriott. Bethesda’s population is more than 55000.
Downtown is known for Bethesda Woodmont & Row Triangle having high-end restaurants and luxury shopping malls, art galleries, clubs, and much more within walking distance of the Bethesda Metro subway stop.
You can enjoy the performing arts at Imagination Stag & Strathmore. The local landmark includes “The Women’s Coop Market.”