Is Montgomery County, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Montgomery County was a Seller's Market.
Key Takeaway
Montgomery County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Montgomery County, MD
How much do homes in Montgomery County, MD cost?
Median Sold Price
$583,791
$289/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Montgomery County have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Montgomery County was $583,791 in March 2024, up 4.3% from last year, and the median price per square foot was $289.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $191.7K | $205K | +6.9% |
| 2 Bedrooms | $290.4K | $315K | +8.5% |
| 3 Bedrooms | $475.2K | $508.4K | +7.0% |
| 4 Bedrooms | $682.4K | $724.1K | +6.1% |
| 5+ Bedrooms | $1.0M | $1.0M | +4.4% |
Summary: Montgomery County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.9%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes increased by 4.4%.
Median Sold Price Compared To Nearby Counties
| Howard County | $519.7K | $549.9K | +5.8% |
| Prince George's County | $399.5K | $420.6K | +5.3% |
| Fairfax County | $650.8K | $684.8K | +5.2% |
| Montgomery County | $559.6K | $583.7K | +4.3% |
| Loudoun County | $667.4K | $689.6K | +3.3% |
Housing Supply in Montgomery County, MD
How many homes are available in Montgomery County, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3,384 | 3,734 | +10.3% |
Summary: The Montgomery County real estate market had 3,734 homes for sale in March 2024, a 10.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 264 | 286 | +8.3% |
| 2 Bedrooms | 534 | 549 | +2.8% |
| 3 Bedrooms | 862 | 937 | +8.7% |
| 4 Bedrooms | 830 | 960 | +15.7% |
| 5+ Bedrooms | 894 | 1,002 | +12.1% |
Summary: The Montgomery County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.3%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 15.7%, and 5+ bedroom homes increased by 12.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 516 | 610 | +18.2% |
Asking Price vs. Sold Price
158 Homes Were Sold
Under Asking
135 Homes Were Sold
At Asking
317 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Montgomery County, you could pay more than the asking price. 52% of homes here sold above asking price last month.
Summary: A total of 610 homes were sold or pending in Montgomery County in March 2024, up by 18.2% month-over-month. Of the 610 sold homes, 26% were sold under asking, 22% were sold at asking, and 52% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 24 Days | 18 Days | -24.0% |
Summary: Homes in Montgomery County had an average of 18 days on market in Mar 2024, down by 24% compared to last year.
Breakdown of Home Sale Times
506 Homes Were Sold
Under 30 Days
76 Homes Were Sold
In 30 - 90 Days
28 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 March 2024, 610 homes were sold in Montgomery County; 83% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
