The Long & Foster Market Minute

Focus On: Montgomery County Housing Market October 2022

Units Sold
747
Active Inventory
1,069
Median Sale Price
$399,000
Days On Market
22
Down -27%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 11%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 747 sold this month in Montgomery County Real Estate versus 930 last month, a decrease of 20%. This month's total units sold was lower than at this time last year, a decrease of 27% versus October 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 139 units or 12%. The total number of active inventory this October was 1,069 compared to 1,208 in October 2021. This month's total of 1,069 is lower than the previous month's total supply of available inventory of 1,146, a decrease of 7%.

Median Sale Price
Last October, the median sale price for Montgomery County Homes was $360,000. This October, the median sale price was $399,000, an increase of 11% or $39,000 compared to last year. The current median sold price is 1% higher than in September.

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


New Listings
830
Current Contracts
751
Sold Vs. List Price
100.5%
Months of Supply
1.4
Down -25%
Vs. Year Ago
Down -30%
Vs. Year Ago
No Change
Vs. Year Ago
Up 20%
Vs. Year Ago

Months of Supply
In October, there was 1.4 months of supply available in Montgomery County, compared to 1.2 in October 2021. That is an increase of 21% 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 830 homes newly listed for sale in Montgomery County compared to 1,110 in October 2021, a decrease of 25%. There were 751 current contracts pending sale this October compared to 1,066 a year ago. The number of current contracts is 30% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Montgomery County was 100.5% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 22, which is similar compared to a year ago.

The Long & Foster Market Minute
*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.