The median price of a home that sold in Montgomery County in March was $590,000, up 10.3% from just a year ago. But the Maryland county is also diverse in terms of home prices, with a price point that may suit many different buyers.
Depending on city or town, median selling prices in the county ranged from $415,000 to $1.4 million last month.
“You’ve got areas from Dickerson and Sandy Spring, even though they only have a few sales there, they tend to have a high price. There’s Potomac, Cabin John and Bethesda. Then on the more affordable side of Montgomery County, you have Germantown and Burtonsville, Montgomery Village and Silver Spring,” said Avi Adler, former president of the Greater Capital Area Association of Realtors, and agent at Long & Foster in Bethesda.
Higher mortgage rates have not tapped the brakes on the Montgomery County market. The association reports sellers are still seeing multiple offers, and many buyers aren’t prepared for how quickly the market is moving.
“When buyers are beginning their search right now, they are often not prepared for the market to be as quick as it is. We really want to make sure buyers have their ducks in a row, that they have a pre-approval letter in hand, preferably from a local lender, and to be ready to move quickly,” Adler said.
Half of homes in the county that sold in March had been on the market just one week or less.
The spring and upcoming summer season may see some relief for Montgomery County. The number of new listings that came on the market last month was up 26.8% from a year ago.
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