This month, The Washington Post published an article entitled “Housing market in Washington region dominated by low inventory, high prices” by Michele Lerner. Here, we pull out the statistics to keep you informed as you prepare to buy or sell in Montgomery County, MD.
- Conditions in Montgomery County have seen a “tightening of the market, with most homes selling within one to 10 days” according to Jonathan Hill, VP of marketing at Bright MLS in Rockville
- Hill also notes that “sales have been flat in Montgomery for the first eight months of 2017, virtually the same as in 2016”
- Chief economist of Redfin brokerage in Washington, Nela Richardson, reports that “the housing market in Montgomery County had more sluggish sales in 2016 and earlier this year… but now Bethesda, Rockville and Silver Spring are all getting more active with buyers”
- “The median sales price in Montgomery County rose by 3.7 percent to $425,000 year-to-date at the end of August”
- Most listings for single-family houses in the county in August were in the $600,000 to $800,000 range
- Richardson says that “right now, houses in Silver Spring and in Rockville near the Town Center and Metro, where people can walk to activities and transportation are really hot,” and that “there are escalation clauses, but they tend to be in increments of $1,000 or so and sell $5,000 to $10,000 over the asking price rather than $100,000 over list price, which happens sometimes in the District.”