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.
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.
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.
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.