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Montgomery County Real Estate - Market Update for February 2023

By
Real Estate Agent with Hollish Hill Group, JPAR Stellar Living

Wondering what's happening with real estate in Montgomery County Maryland? Here are the numbers for January 2023.

What's Trending

Notice that New Listings and Pending Sales are up this month over last month, but both are down compared to last year. Closed Sales are down from last month, land from last year. We often see a drop because of the winter holidays.

Winter Pricing

There isn't much of a surprise that prices are up from last year. We saw huge escalations in price in 2022. The prices dropped from December to January. Again not a surprise. Interest rates made some buyers nervous and the active ones got better deals and we typically see lower prices in January and February. 

Indicators

There are a lot fewer active listings this January compared to the 5-year January Average which will mean fewer sales in the next month or months. Properties are sitting on the market for an average of 34 days and are selling at about 97.2% of their original list price. 

Summary

Now is a great time to buy. Even with interest rates slightly elevated (they've been coming down) there is less competition and sellers are negotiating, not standing strong on their prices. 

Posted by

______________________________________________________________________

Dana Hollish Hill
REALTOR * Broker * Coach 
JPAR Stellar Living
800 S Frederick Ave, Suite 200, Gaithersburg, MD 20877
office 301.944.9070  
cell  202.271.5301
web danahill.jpar.com

Comments (3)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Dana and thank you for the great information to share with us here in the Rain.  Make it a great day!

Mar 01, 2023 08:41 AM
Dana Hollish Hill

Will

Happy to do it. Thanks for the comment. I appreciate it. 

Mar 01, 2023 08:43 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Montgomery County home buyers and sellers are certain to value your real estate market report, Dana.

Mar 08, 2023 02:01 AM
Roy Kelley
Retired - Gaithersburg, MD

This is a good report to share.

Have a very productive spring.

Apr 11, 2023 10:01 AM