2019 Cheverly Market Report
March 8, 2020
Enjoy this real estate market report for the town of Cheverly. Browse previous years’ home prices to current home values.
Please note that I follow the National Association of REALTORS® in using the number of contracts that are accepted in a given month, as this more accurately reflects the actual market activity for that month. Sold properties reflect market activity in previous months.
2019 Cheverly Real Estate Market
This is the average for homes sold in Cheverly in 2019. Sales are tracked by the month they go under contract, as that reflects the market more accurately than tracking the month they actually close.
| Month | # of Contracts | Sale Price, Median | Original List Price, Median |
|---|---|---|---|
| Jan | 2 | $348,000 | $333,950 |
| Feb | 7 | $400,000 | $398,500 |
| Mar | 8 | $467,500 | $375,000 |
| Apr | 11 | $360,000 | $347,313 |
| May | 9 | $390,000 | $398,000 |
| Jun | 8 | $369,950 | $389,450 |
| Jul | 7 | $465,900 | $459,900 |
| Aug | 2 | $439,000 | $457,500 |
| Sep | 3 | $375,000 | $379,999 |
| Oct | 9 | $415,000 | $420,000 |
| Nov | 10 | $353,500 | $360,000 |
| Dec | 1 | $285,500 | $324,900 |
Previous Years, Median Prices
2015: $325,000
2016: $340,000
2017: $349,900
2018: $368,000
2019: $390,000
Some Frequently Asked Questions About the Cheverly market
Is it a Good Time To Sell Your House In Cheverly?
Spring is certainly the most popular time to buy and sell a house in Cheverly. And why not? It’s a gorgeous town in the Spring!
It's always a good time to sell in Cheverly, particularly with inventory so low and you can entice more buyers. In 2019, with the exception of Aug, Sep and Dec, sales were fairly evenly paced throughout the year.
We see the highest number of real estate listings going on the market in the months June through October and then they taper off. This isn’t unusual. Sellers see prices spike in the springtime and start thinking about putting their own homes on the market, but there is almost always a lag time of at least a couple of months for prep-work. Winter has the fewest listings and while buyers tend to be in shorter supply, those that are shopping are generally serious buyers. And homes look amazing during the holidays in Cheverly.
In this 2019 chart, you can see the total number of listings per month in Cheverly indicating when sellers tend to put their homes on the market.
| Month | # of New Listings | # of Contracts | # Homes on the Market* |
|---|---|---|---|
| Jan | 5 | 2 | 8 |
| Feb | 8 | 7 | 7 |
| Mar | 11 | 8 | 8 |
| Apr | 9 | 11 | 8 |
| May | 12 | 9 | 10 |
| Jun | 8 | 8 | 10 |
| Jul | 9 | 7 | 8 |
| Aug | 4 | 2 | 7 |
| Sep | 14 | 3 | 17 |
| Oct | 10 | 9 | 14 |
| Nov | 5 | 10 | 14 |
| Dec | 1 | 1 | 10 |
| TOTAL | 96 | 77 |
*As of the last day of each month
What is the Average Cost for a House in Cheverly?
The average sales price for homes in Cheverly was $390,000 in 2019 but that represented a wide swing in prices overall. The lowest list price was $179,900 it sold for $191,500. The highest list price was $659,000, and it sold for $670,000.
| Price Range | # of Homes Listed | # of Homes Sold |
|---|---|---|
| Above $600,000 | 2 | 1 |
| $500,000 - $599,999 | 8 | 8 |
| $400,000 - $499,999 | 32 | 27 |
| $300,000 - $399,999 | 39 | 28 |
| $200,000 - $299,999 | 8 | 11 |
| Under $200,000 | 3 | 2 |
Politics, the wildly fluctuating stock market and the coronavirus are all having their impact on the market and it’s a bit too soon to see how those balance out with the historically low number of homes for sale and historically low interest rates, especially after the Fed had the first emergency rate cut since 2008. The hottest markets are cooling a bit as they have reached an affordability ceiling. That being said, the end of 2019 saw stable home values, ample home sales, and new construction builds which is always a positive sign in the real estate market.
Is the Cheverly Real Estate Market Going to Crash in 2020?
Some of the harbingers of a slowing market have shown up towards the end of 2019, namely a larger number of price reductions before finally going under contract, and a larger number of homes being withdrawn from the market without selling.
In Which Month in Cheverly Does a House Sell the Fastest?
When we look at single-family home sales in Cheverly, February sales were on the market for the highest number of days at 65. March and May sales tied for the lowest average days on market at 23 days.
| Month | Average Days on Market |
|---|---|
| Jan | 52 |
| Feb | 65 |
| Mar | 23 |
| Apr | 36 |
| May | 23 |
| Jun | 35 |
| Jul | 25 |
| Aug | 24 |
| Sep | 45 |
| Oct | 38 |
| Nov | 35 |
| Dec | 58 |
Is it a Buyers or Sellers Market in Cheverly?
In 2019, Cheverly generally had fewer than 2 months on inventory, with the exception of August and September, when there were about 4-5 months of inventory. Those numbers indicate a strong seller's market. 6 months of inventory is considered a balanced market.
Who Can I Call to Sell My House in Cheverly?
Call Susan Pruden at 301.980.9409 to buy or sell a house in Cheverly. Susan is one of the top referred and preferred real estate agents in the Cheverly Area, with over 150 Cheverly homes sold.
Are Home Values in Cheverly Increasing?
Prices are increasing year-over-year in Cheverly, and it looks like that trend will continue, but likely at a more subdued pace than in 2019. In December of 2015, the median home price for a single-family home in Cheverly was $248,000. In December 2019, the median sales price for a single-family property in Cheverly was $390,000.
A lifetime Maryland resident, Susan Pruden has the ideal foundation for selling and buying homes. After 8 years working in just about every facet of the mortgage industry, and several years with her own company specializing in marketing for real estate agents, Susan got her real estate license in 1994. Susan has earned several industry awards. The CENTURY 21 Quality Service Pinnacle Award is based on reviews from Susan's clients and is earned by a very small percentage of agents. She has earned that coveted recognition since 2012
Two others were awarded by the Prince George's Association of REALTORS®. The Distinguished Sales Associate of the Year Award is based on a mixture of community involvement, association involvement and real estate education and designations. The other, the Distinguished Service Award, is for "exceptional meritorious service."
Susan is involved in her local community. She was named Cheverly Volunteer of the Year in 2018, even having June 25th designated "Susan Pruden Day" in the Town of Cheverly. She is also a Commissioner on the Prince George's County Historic Preservation Commission and President of the Cheverly American Legion Auxiliary.
Susan Pruden has lived in Cheverly lived with her husband, Joseph, for almost 30 years.
