Montgomery County median home price hits a half-million dollars

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:

CLICK on graphic to enlarge: Here’s a snapshot of housing activity in suburban Maryland. (Courtesy Long & Foster)

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.

This content was republished with permission from CNN.

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