Montgomery County Market
Key Points
- Our recently limited Inventory has caused home prices to increase. However, these rising home prices coupled with the expected thaw and expected upswing of spring will entice home owners to put their home on the market. So if you've been looking for a home and haven't seen anything yet, keep looking! The market will pick up and more homes will be on the market. Keep in mind that we have many new first time home buyers entering the market, so competition between buyers is still hot! When you find a home that fits your needs, GO FOR IT! This kind of market does not leave room for hestitation. Only motivated buyers will end up getting their first choice in homes–make sure you're one of them!
- It's all about millennials! Millennial buyers are slowly entering the market for a home, especially in hip areas like Downtown Bethesda and certain neighborhoods in Washington, D.C. Those millennials who have managed to get good paying jobs are moving out of their parents' basements and into the heart of vibrant areas. However, keep in mind that unemployment is twice as high for 20-somethings and 85% of college graduates end up living with their parents. The market is shifting in a very new way. First time home buyers make up about 40% of buyers in the market and 20-30 year olds have traditionally made up this demographic. The massive amounts of student debt millennials are lugging around with them may prevent huge percentages of them from buying a home. First, they won't be able to afford one. Second, it may be extremely difficult for them to qualify for a loan to even try to afford one. Knowing this will take a huge chunk out of home buyers in the future real estate market, homeowners who have been thinking of selling in the near future may want to start seriously putting a plan in motion.If you want to talk more about this development, feel free to give me a call at (301) 385-9213!
Search for homes in Montgomery County
Hyperlocal Snapshot – Olney (zip code 20832)
Key Points
| Inventory | 38 homes on the market |
| Number of Contracts | 10 |
| Average Days on Market for Sold Listings | 37 |
| Number of Single Family Homes Sold | 8 |
| Number of Condos/Townhouses Sold | 5 |
| Average Sold Price for Single Family Homes | $501,438 |
| Average Sold Price for Condos/Townhouses | $284,750 |
Read the most recent monthly market update HERE.
What's my home in DC/Montgomery County worth? Get your FREE Home Valuation Report HERE.
If you’re thinking of selling or buying a home, contact The MSM Team at (301) 385-9213 for a more in-depth discussion & analysis. We’re happy to help you create a plan to sell or buy a home that’s right for YOU. When we schedule a consultation and get into the details, you can really begin making moves to where you want to be. You deserve to have the best Realtors in Montgomery County on your side, right? Let us take care of the details for you!
About Josette
