Montgomery County home prices highest since housing bubble

WASHINGTON — The median price of a home that sold in Montgomery County in February was the highest for a February since 2007, according to the Greater Capital Area Association of Realtors.

The median price of what sold in February was $410,500, 5.3 percent higher than a year ago. The peak February price for Montgomery County was set in 2007, at $430,000.

Despite high-cost locations like Chevy Chase and Potomac, Montgomery County’s home prices, are below average for the Washington region, ahead of only Prince George’s County in the immediate Washington area.

Sales slowed in Montgomery County last month as well, down 12.4 percent from a year ago, but the GCAAR says the total number of February 2018 sales remained essentially even with the five-year February average.

Pending sales in Montgomery County in February, or contracts signed but sales not yet closed, were down 4 percent from a year ago, and new listings that came to market last month were down just under 1 percent from last February.

The total number of active listings in Montgomery County is currently 11.5 percent lower than a year ago.

Half of the homes that sold in Montgomery County last month were on the market 32 days or less, 4 days quicker than selling time last February, and sellers got, on average, 97.3 percent of list price, up slightly from a year ago.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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