Montgomery County, MD Housing Market: November 2023 vs. 2024 Trends

Montgomery County, MD Housing Market: November 2023 vs. 2024 Trends

1. Median List Price:

• November 2023: $550,000
• November 2024: $575,000
• Difference: Increased by $25,000 (+4.5%).
• Analysis: The rise in list prices indicates growing seller confidence and appreciation in home values.

2. Median Sold Price:

• November 2023: $570,000
• November 2024: $600,000
• Difference: Increased by $30,000 (+5.3%).
• Analysis: The sold price growth aligns with the increase in list prices, showing strong demand.

3. Days on Market (DOM):

• November 2023: 18 days
• November 2024: 21 days
• Difference: Increased by 3 days (+16.7%).
• Analysis: Homes spent slightly longer on the market, possibly due to higher prices requiring more negotiation or more inventory available.

4. Number of Homes That Went Pending vs. Sold:

• Pending Homes:
  • November 2023: 457
  • November 2024: 494
  • Difference: Increased by 37 homes (+8.1%).
• Sold Homes:
  • November 2023: 681
  • November 2024: 712
  • Difference: Increased by 31 homes (+4.6%).
• Analysis: Pending and sold transactions both increased, suggesting strong buyer activity, although the gap between pending and sold homes slightly widened in 2024.

Summary:

From November 2023 to November 2024, Montgomery County saw increases in both median list and sold prices, reflecting a strengthening market. Homes took slightly longer to sell, indicating a need for more negotiation at higher price points. The number of pending and sold homes also rose, showing sustained demand. Sellers benefited from rising prices, while buyers faced higher costs but continued to show strong purchasing activity.

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Data/Stats courtesy of Bright MLS