Montgomery County Housing Market Report: May 2023
If you’re interested in the housing market of Montgomery County, here’s the data for May 2023.
The median sales price nudged up slightly to $415,000, reflecting a 2.7% increase from April 2023. Year-on-year, it remained unchanged from May 2022.
May introduced 962 new listings to the market, a 16% increase from April. But compared to May 2022, it’s down by a considerable 28%. A likely reason for fewer listings could be the low-interest rates of the past, which may have led homeowners to hold onto their properties.
Despite fewer new listings, 879 homes entered the contract phase, a 4.5% increase from April. Yet this number is 29.3% less than May 2022, indicating a drop in buyer activity.
In terms of sales, 735 homes were sold in May, marking a 21.7% rise from April 2023. However, this is a decrease of 24.9% from May 2022, pointing to a slowdown in the sales pace.
On average, homes in May spent 18 days on the market, shorter than April’s 22 days, but longer than the 14 days observed in May 2022.
Finally, homes sold in May 2023 fetched an average of 102.2% of their original listing price, slightly up from 100.8% in April 2023. This suggests that sellers were able to obtain more than their asking price.
In summary, May 2023’s housing market in Montgomery County shows the impact of past low-interest rates and how supply and demand are adapting. Whether you’re looking to buy, sell, or just want to stay informed, understanding these trends is key.
Keep in mind that market conditions can vary greatly between neighborhoods. For more specific insights, consider requesting a customized neighborhood report. This will give you a clearer picture of your local market conditions. Click here https://lnkd.in/eaRXPrD2 request your tailored report, and stay ahead in this dynamic real estate landscape.
Look out for our next update and continue making informed decisions!