Real Estate

Real Estate Check: Prices Up, Inventory Down in Montgomery County

Expect favorable conditions for buyers and sellers in 2014.

Residential real estate prices are on the rise, and days on the market remain low, according to a Long & Foster report compiled from real estate data for the region.

In November 2013, the median sale price for a house or condo in Montgomery County was $400,000. That's up 10 percent from November 2012's median sale price, which was $362,900. Inventory was down 2 percent for the county last month, with 2,250 houses or condos on the market, Long and Foster reported.

The average house or condo sold in Montgomery County in November 2013 was on the market for 36 days. Compare that to Prince George's County, where the average number of days on the market for houses or condos sold in November 2013 was 44. That number was 54 in Frederick County and 63 in Charles County, Long & Foster reported.

Outlook for 2014

"Although November brought a slow down to the real estate market on the East Coast, including in the suburban Maryland region, we expect 2014 will bring favorable market conditions for home buyers and sellers," Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies, said in a statement.

"Those looking to buy will face less competition in the bidding and negotiating process and interest rates are still quite low, while sellers can benefit from having less competition with fewer homes on the market. These will be positive developments for the market and the economy as a whole," Detwiler added.

Long & Foster Market Minute reports—county-level overviews of market statistics based on residential real estate transactions—are available at www.LongandFoster.com.   

Did you buy or sell a house or condo in Montgomery County in 2013? What was your experience? Tell us in the comments.


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