The Long & Foster Market Minute

Focus On: Gaithersburg Housing Market January 2024

Zip Code(s): 20877, 20878, 20879, 20882, 20880 and 20899
Units Sold
61
Active Inventory
65
Median Sale Price
$550,000
Days On Market
18
Up 5%
Vs. Year Ago
Down -27%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -51%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 61 sold this month in Gaithersburg Real Estate versus 82 last month, a decrease of 26%. This month's total units sold was higher than at this time last year, an increase of 5% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 24 units or 27%. The total number of active inventory this January was 65 compared to 89 in January 2023. This month's total of 65 is lower than the previous month's total supply of available inventory of 72, a decrease of 10%.

Median Sale Price
Last January, the median sale price for Gaithersburg Homes was $526,500. This January, the median sale price was $550,000, an increase of 4% or $23,500 compared to last year. The current median sold price is 7% higher than in December.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
76
Current Contracts
75
Sold Vs. List Price
100.3%
Months of Supply
1.1
Down -13%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Down -30%
Vs. Year Ago

Months of Supply
In January, there was 1.1 months of supply available in Gaithersburg, compared to 1.5 in January 2023. That is a decrease of 31% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 76 homes newly listed for sale in Gaithersburg compared to 87 in January 2023, a decrease of 13%. There were 75 current contracts pending sale this January compared to 72 a year ago. The number of current contracts is 4% higher than last January.

Sale Price to List Price Ratio
In January, the average sale price in Gaithersburg was 100.3% of the average list price, which is 0.6% lower than at this time last year.

Days on Market
This month, the average number of days on market was 18, lower than the average last year, which was 37, a decrease of 51%.

The Long & Foster Market Minute Gaithersburg are defined as properties listed in zip code/s 20877, 20878, 20879, 20882, 20880 and 20899.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.