The latest housing market statistics for Montgomery County, MD are out, and the numbers are nothing short of impressive.
The YOY (year-over-year) median sales price has increased by 11%, or $50,000 - that's not a typo - to $500K. The average time it took to sell a home was cut in half and is now 23 days on average. It's important to point out that all listings factor into this average in all of Montgomery County. When you limit it to a certain price-range and/or neighborhood, the number will be (much) lower.
In Silver Spring, for example, the average DOM (days-on-market) for all detached homes that settled in January was just 5 days!
The inventory level is extremely low, combined with the (still) historic low interest rates, the market is ON FIRE. At less than one month inventory, we are in an extreme seller's market.
If you are considering selling your home this year, you may not want to wait until Spring! There are entire subdivisions with 0 homes on the market and very little to show to buyers.
Contact me for an in-depth look at your subdivision and to discuss your current situation.
