The Long & Foster Market Minute

Focus On: Montgomery Village Housing Market January 2024

Zip Code(s): 20886
Units Sold
32
Active Inventory
21
Median Sale Price
$374,000
Days On Market
29
Up 19%
Vs. Year Ago
Down -46%
Vs. Year Ago
Up 7%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was an increase in total units sold in January, with 32 sold this month in Montgomery Village Real Estate versus 29 last month, an increase of 10%. This month's total units sold was higher than at this time last year, an increase of 19% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 18 units or 46%. The total number of active inventory this January was 21 compared to 39 in January 2023. This month's total of 21 is lower than the previous month's total supply of available inventory of 26, a decrease of 19%.

Median Sale Price
Last January, the median sale price for Montgomery Village Homes was $350,000. This January, the median sale price was $374,000, an increase of 7% or $24,000 compared to last year. The current median sold price is 1% 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
21
Current Contracts
21
Sold Vs. List Price
99.8%
Months of Supply
0.7
Down -55%
Vs. Year Ago
Down -55%
Vs. Year Ago
Down -1.1%
Vs. Year Ago
Down -54%
Vs. Year Ago

Months of Supply
In January, there was 0.7 months of supply available in Montgomery Village, compared to 1.4 in January 2023. That is a decrease of 55% 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 21 homes newly listed for sale in Montgomery Village compared to 47 in January 2023, a decrease of 55%. There were 21 current contracts pending sale this January compared to 47 a year ago. The number of current contracts is 55% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Montgomery Village was 99.8% of the average list price, which is 1.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 29, higher than the average last year, which was 17. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute Montgomery Village are defined as properties listed in zip code/s 20886.
*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.