The median price of a home that was sold in August in Montgomery County was $619,000, which is a decrease of 2.5% in August of 2024. It is a 6.2% decrease since last month.
According to the Greater Capital Area Association of Realtors, there were 806 new listings in August, which is a decrease of 11.8% when compared with July. The average home that was for sale in Montgomery County was on the market for 29 days, which is an increase of 7% as compared to July.
“With homes continuing to take longer to sell, and prices dropping moderately, buyers are gaining a slight edge that they didn’t have just a few months ago,” said association President Samantha Damato. “Now, all eyes are on interest rates. While housing affordability is still an issue – and a lower interest rate won’t solve that problem – every little bit helps, especially for buyers who are trying to enter the market for the first time.”
