The median price for a house sold in Montgomery County in March was $535,277, which is a 2.2% decrease compared with February sales. The houses were on the market for 27 days, which is a 5% decrease, according to the Greater Capital Area Association of Realtors (GCARR).
There were 954 new houses listed for sale during March, which is almost a 50% increase.
In the greater Washington, D.C. area, the median price was $566,450, which is a 1.5% decrease as compared to February, according to GCARR. It is a decrease of 5.6% from March 2022.
The average days on the market was 34, with is about 12% longer than the five-year February average.
“As we head into the warmer months, listings have increased as sellers feel more confident that it’s a good time to put their home on the market,” said Avi Adler, 2023 GCAAR president, in a press release. “The median sales price and interest rates have remained fairly stable, however. Until one or both of those factors change, some buyers may feel they have limited options despite the uptick of homes for sale.”
Prices are starting to decrease in the Montgomery County and Washington, D.C. area. Learn more about the latest trends in the local area by looking over GCAAR’s housing market reports. https://t.co/5fkwysGINd pic.twitter.com/qYv0QaPGez
— GCAAR (@GCAARNow) April 21, 2023
