Montgomery County, just outside Washington DC to the north of the city, is the most populous county in Maryland, with 1,062,061 residents. The average household income in Montgomery County is among the highest in the US and nearly 30% of residents over the age of 25 hold post-graduate degrees.
Major employers in Montgomery County include NIH, Walter Reed Medical, Marriott, GEICO, the Nuclear Regulatory Commission, Lockheed Martin, National Institute of Standards and Technology, Medimmune and the US FDA. Montgomery County is working to develop a tech corridor along I-270. WIth Marriott opening its new headquarters recently in downtown Bethesda, the percentage of Marriott employees will no doubt increase in Bethesda and the surrounding area.
Prices are still up by 2.9% over September 2021, but the median sale prices have dropped by 7.2% from last month and the average sale price is down by a whopping 9.1% MOM. .
Prices for single family homes have dropped even more - down 7.8% from last month. That means that the median sale price for a single family home in DC dropped from $765,000 to $705,000. New single family listings increased 19.4% from 540 to 645.
The median price of townhomes dropped from August to September by 6.5% - from $470,000 to $440,500. Townhome listings increased by 5.5% to 277, although this still represents a drop from September 2021 when there were 398 homes on the market.
Similarly the median price of condos and coops dropped from $275000 to $270,000 - only a decrease of 1.8%. The condo and coop listings increased by 10.3% to 301 from a previous level of 279. There were 406 condos and coops on the market in September 2021.
If you are curious what is on the market in Montgomery County, just click here.
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