Home prices and sales in suburban Maryland mirror the strong markets in Northern Virginia and the District, with sales and prices up double digits in October.
The median price of a home that sold in Montgomery County last month reached $500,000, up 14% from a year ago. The 1,347 home sales in Montgomery County represented a 26% year-over-year gain, according to data from Long & Foster Real Estate.
Sellers in Montgomery County received an average 100.2% of their list prices.
Inventory in Montgomery County remains tight heading into the final weeks of the year, with 1,396 active listings at the end of October, down 44% from a year ago.
In Prince George’s County, there were 1,036 home sales in October, up 5% from a year ago. Although Prince George’s County remains the most affordable housing market in the D.C. region, the median price of what sold in October was $355,250, up 13% from a year ago.
Prince George’s County is lacking sufficient listings to meet buyer demand, with active listings at the end of October totaling just 914 homes, down 61% from a year ago.
Below is a snapshot of October housing market activity in suburban Maryland, courtesy of Long & Foster Real Estate: