Chevy Chase, Potomac among `250 richest'

Real Estate Watch

June 13, 1999

Maryland had two towns make Worth magazine's "250 Richest Towns" list, as Potomac and Chevy Chase were ranked 124th and 223rd, respectively.

The rankings -- based on median home sales prices in 1997 and 1998 -- report that Potomac's median home sales price was $509,091 during that period, while Chevy Chase's was $370,000.

The median home sales price is the level at which half the homes sold for more and half sold for less.

Jupiter Island, Fla., topped the list with a median home sales price of $1.7 million, moving up from No. 2 in 1998.

Aspen, Colo., first in 1997, dropped to No. 2.

Atherton, Calif. ($1.54 million), Hillsborough, Calif. ($1.25 million) and Belvedere, Calif. ($1.23 million) round out the top five.

California had the most towns of any state on the list with 76 making the Top 250, including 13 of the Top 20.

The median home price for the entire list was $504,144, a 13.3 percent increase from a year ago. The increase comes in a year in which a record 4.78 million homes changed hands, according to the National Association of Realtors.

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