2014 | Real Estate

Bethesda Home Prices Set Record in 2014

Average price was higher than in 2007

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The average home price in Bethesda in 2014 was the highest ever, according to data compiled by local Realtors Brian and Amy Maury.

The average price of a detached home in ZIP codes 20814, 20816 and 20817 was $1.093 million in 2014, which was nearly $48,000 higher than in 2013 and $41,000 higher than in 2007, the previous record high, according to the data.

“A lot of the gains came early in the year,” Brian Maury said. “There were multiple offers and lots of competition. We were seeing shades of 2007 all over again.”

Sales began to “cool off” as the year went on, he said.

Maury said he expects that home price increases in 2015 will be similar to those of last year.

Jane Fairweather, a leading Bethesda Realtor, said that the record prices were not spread evenly. “The numbers get skewed by neighborhoods like Edgmoor and Battery Park that are within walking distance of Bethesda,” she said, “and by infill builders” who are buying properties, tearing down old houses and building new ones priced at about $2 million.”

Source: Brian and Amy Maury, compiled from MRIS data