Is Montgomery County, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Montgomery County has remained a Seller's Market.
Key Takeaway
Montgomery County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Montgomery County, MD
How much do homes in Montgomery County, MD cost?
Median Sold Price
$579,546
$284/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Montgomery County have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in Montgomery County was $579,546 in November 2023, up 5.2% from last year, and the median price per square foot was $284.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $190.5K | $205K | +7.6% |
| 2 Bedrooms | $295.9K | $305.1K | +3.1% |
| 3 Bedrooms | $470.7K | $499.9K | +6.2% |
| 4 Bedrooms | $675.5K | $715.6K | +5.9% |
| 5+ Bedrooms | $1.0M | $1.0M | +3.6% |
Summary: Montgomery County housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 7.6%, 2 bedroom homes increased by 3.1%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 3.6%.
Median Sold Price Compared To Nearby Counties
| Howard County | $508.6K | $544.1K | +7.0% |
| Prince George's County | $394.8K | $416.5K | +5.5% |
| Montgomery County | $551.1K | $579.5K | +5.2% |
| Fairfax County | $648.2K | $673.9K | +4.0% |
| Loudoun County | $660.1K | $684.7K | +3.7% |
Housing Supply in Montgomery County, MD
How many homes are available in Montgomery County, MD?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 3,356 | 3,324 | -1.0% |
Summary: The Montgomery County real estate market had 3,324 homes for sale in November 2023, a 1.0% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 204 | 219 | +7.4% |
| 2 Bedrooms | 546 | 548 | 0.4% |
| 3 Bedrooms | 901 | 899 | -0.2% |
| 4 Bedrooms | 859 | 822 | -4.3% |
| 5+ Bedrooms | 846 | 836 | -1.2% |
Summary: The Montgomery County housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 7.4%, 2 bedroom homes increased by 0.4%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes decreased by 1.2%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 632 | 597 | -5.5% |
Asking Price vs. Sold Price
194 Homes Were Sold
Under Asking
143 Homes Were Sold
At Asking
260 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Montgomery County, you could pay more than the asking price. 43.6% of homes here sold above asking price last month.
Summary: A total of 597 homes were sold or pending in Montgomery County in November 2023, down by 5.5% month-over-month. Of the 597 sold homes, 32% were sold under asking, 24% were sold at asking, and 44% were sold over asking.
Days on Market for Montgomery County, MD
How long does it take to sell a home in Montgomery County, MD?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 23 Days | 18 Days | -23.2% |
Summary: Homes in Montgomery County had an average of 18 days on market in Nov 2023, down by 23.2% compared to last year.
Breakdown of Home Sale Times
493 Homes Were Sold
Under 30 Days
88 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Montgomery County are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 597 homes were sold in Montgomery County; 83% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
