Market Trends: Montgomery County Home Sales in 2022

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If you’re moving to the D.C. area soon, you might want to start your house hunting in Montgomery County. This county is one of the wealthiest in the country and offers great access to quality schools, a thriving culture, excellent restaurants, and more. But your first step in the home-buying process should be to do some market research.

The Montgomery County housing market is moving and shaking right now. Read on to learn more about Montgomery County home sales and what you can expect when you start looking for your dream home in this fabulous area.

Market Trends: Montgomery County Home Sales in 2022 3

Welcome to Montgomery County

Before we dive into the real estate market of Montgomery County, let’s learn some about the county itself. Montgomery County is the most populous county in Maryland and is home to more than a million people. The county is located northwest of Washington, D.C., and Rockville is its county seat. It’s a trendy area filled with a love for the arts and a focus preservation of nature.

Montgomery County has been ranked one of the wealthiest counties in the nation, and it has the highest percentage of residents over the age of 25 who hold post-graduate degrees. It’s home to a number of government offices, research centers, and business campuses. This helps to bring in revenue and provides plenty of job opportunities for Montgomery County residents.

Listing Price of Montgomery County Home Sales

Right now, homes in Montgomery County are listing just under $500,000, on average. As of this writing, there are about 1,700 homes on the market ranging in price from $40,000 to more than $14 million. In general, homes are selling for roughly the asking price, if not a couple of thousand dollars higher.

Montgomery County property values are actually on a bit of a decline right now. As with housing markets all over the country, these prices peaked in August of last year, with homes listing around $550,000 and selling for almost $600,000. There was also a small peak in October when homes were selling for about $25,000 more than the asking price on average.

Home Size

In general, homes in Montgomery County tend to list for a little less than $275 per square foot. This puts the average home size there just under 2,000 square feet, a respectable size for a family home. However, current listings in the county range in size from 180 square feet to nearly 27,000 square feet.

Most homes in Montgomery County tend to have two or three bedrooms, with four-bedroom houses coming in a close third. Yards tend to be relatively spacious, with most homes boasting a yard size of a little less than a quarter of an acre. This offers plenty of space for backyard fun, whether that be a dip in the pool or cooking out with your friends.

Market Direction

Right now, the Montgomery County real estate market is something of a seller’s market, meaning there are more people looking to buy houses than there are houses available for sale. This is part of what’s keeping home prices steady and selling for slightly more than asking. Depending on the desirability of the home, some buyers may even find themselves embroiled in bidding wars.

Part of the reason for this inventory shortage is the housing market frenzy we saw last summer. As interest rates dropped to historic lows, buyers and investors alike jumped at the opportunity to lock in a more affordable mortgage. Homebuilding has also slowed down somewhat as lumber prices have skyrocketed and labor shortages have made it challenging to keep job sites staffed. 

Time on the Market

In addition to raising sale prices, the inventory shortage is cutting down the amount of time houses are spending on the market. As of this writing, homes are spending just under fifty days on the market. This timeline covers every stage of the sale process, from listing to closing, and includes the mortgage approval time.

Believe it or not, this time on the market has actually increased since last spring and summer. At the beginning of the housing frenzy in April, that number dropped to just 36 days from listing to closing. Only in recent months has the market started to return to its normal timeline of fifty days. 

Popular Areas in Montgomery County

If you’re looking at buying a home in Montgomery County, there are several places you might want to focus your attention. Although Rockville is the county seat, Silver Spring actually offers more buying opportunities, with more than 500 homes on the market as of this writing. Rockville has about 316 available to buy and about 675 available for rent.

Gaithersburg is also a good option, with a little less than 300 homes for sale and a median list price of $450,000. Bethesda has more than 200 homes for sale, but the median list price there is a hefty $825,000. Germantown, Montgomery County’s most populous city, is much more affordable, with a median list price of $365,000 and about 170 homes on the market. 

Learn More About Montgomery County Home Sales

Montgomery County is a thriving area that offers fantastic access to Washington, D.C. and rich culture. Right now, the county is experiencing an inventory shortage that’s creating something of a seller’s market and driving sale prices up. Homes are, however, spending a little longer on the market, so you have time to find the perfect home for you. 

If you’d like to learn more about Montgomery County home sales, check out the rest of our site at Nomadic Real Estate. We provide leasing, management, sales, and, most importantly, peace of mind. Check out our real estate sales services today and start your Maryland life with the expertise you need.

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Enhanced Reporting

Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

  • The Enhanced Rent Roll Report will show the rent amount, last payment date, move-in date, lease expiration date, and security deposit amount for each of your tenants. 
  • It will also show a portfolio summary with occupancy percentage, vacancy loss, and more!

Unit Comparison Report:

  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
  • This report enables you to quickly compare financial performance between your units at a glance without toggling between individual reports. 

Income Statement Month-Over-Month:

  • The Income Statement Detail – Monthly Report serves as a month-over-month record of portfolio performance. You’ll see itemized income and expense categories and can track monthly. This report will update with fresh data every time you view it. 

Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

You'll also find a month-over-month operating statement:

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Responses will show up in the conversation ticket:

  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Each conversation will be logged in its entirety:

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

View a snapshot of income and expenses on your dashboard:

See every transaction in real-time on your ledger:

Statements and forms will be posted to your documents library:

View a suite of real-time financial reports:

See a running list of all bills, and drill down for more detail:

Under Bill Details, you'll find dates/descriptions/amounts and more:

You can also communicate with your Account Manager through the portal:

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.