Montgomery County Market Report: December 2023 vs. December 2024

1. Median List Price

December 2023: $532,000
December 2024: $559,950
Difference: Increased by $27,950 (+5.3%).
Analysis: The rise in list prices reflected strong seller confidence and continued appreciation in property values across Montgomery County.

2. Median Sold Price

December 2023: $550,000
December 2024: $614,018
Difference: Increased by $64,018 (+11.6%).
Analysis: The significant increase in sold prices indicated strong buyer demand, with buyers willing to pay premium prices to secure homes.

3. Days on Market (DOM)

December 2023: 24 days
December 2024: 29 days
Difference: Increased by 5 days (+20.8%).
Analysis: Homes took slightly longer to sell in 2024, reflecting more careful decision-making by buyers or higher price points requiring extended negotiations.

4. Number of Homes That Went Pending vs. Sold

Pending Homes:
December 2023: 345
December 2024: 362
Difference: Increased by 17 homes (+4.9%).

Sold Homes:
December 2023: 613
December 2024: 796
Difference: Increased by 183 homes (+29.9%).
Analysis: A sharp increase in sold transactions demonstrated heightened activity in closing deals, while the moderate rise in pending homes showed sustained buyer interest.

Summary

December 2024 was a notably stronger month for Montgomery County compared to December 2023. Median list and sold prices rose significantly, showcasing an appreciating market driven by strong buyer demand. While homes stayed on the market slightly longer, both pending and sold transactions increased, reflecting a vibrant and active real estate market. Sellers benefited from higher prices, while buyers faced increased competition and pricing, requiring strategic decision-making.