Cindy's Monthly Market Update

Montgomery County Real Estate Market Update
As summer wraps up, let’s review the real estate market in Montgomery County. The trends provide insight into what buyers and sellers can expect moving forward.

Overview of August Trends

August, traditionally a slower month, showed stability. Both 2023 and 2022 had similar stats, reflecting a flat market trend.

Settlements and Average Prices

Over 800 homes settled with an average sale price of $450,000, matching last year's figures, showing a balanced market.

Days on Market

Homes sold in about seven days, with sellers closing at 100-101% of the list price—indicating efficiency despite seasonal factors.

Current Listings and Under Contract Homes

There are 581 homes under contract with an average list price of $440,000, in line with competitive pricing trends.

Market Inventory

With 868 active homes, inventory represents 1.5 months of supply, suggesting a strong seller's market. However, this is a shift, as we haven’t seen such levels in a while.

Average List Prices and Days on Market

The average list price is $515,000, higher than the selling price, causing homes to stay on the market longer (52 days).

Market Dynamics and Buyer Trends

Though slower, it remains a seller's market, with activity expected to increase in the fall as buyers return from summer.

Interest Rates and Buyer Activity

Interest rates have decreased, sparking buyer interest and refinances. This could boost market activity in the coming months.

Looking Ahead

As we enter the fall, buyer behavior and interest rates may shape the market. While August remained stable, we’ll watch for potential changes ahead.

Stay tuned for more updates!