The median sold price for residential properties in the region for August was $599,000, representing an increase of 0.8% compared to last month and an increase of 2.6% from August 2021. The average days on market for units sold in August was 22 days, 16% below the 5-year August average of 26 days.
In the District Montgomery County
Median sold price: $649,250 Median sold price: $566,000
Average days on the market: 30 Average days on the market: 17
New listings: 885, down 23.2% from July New listings: 1,067, down 24% from July
In the 50 largest U.S. metros, the typical home spent 37 days on the market, five days more than last August, according to Realtor.com® Economic Research.
“Optimism is the word… buyers are getting used to the higher interest rates, and those who retreated are coming back into the market,” said GCAAR President Harrison Beacher. “But it’s important for buyers to stay in tune with their lender and REALTOR® and not push themselves beyond their capacity.”
The Greater Capital Area Association of REALTORS®, one of the largest local REALTOR® associations in the U.S., is the voice for REALTORS® in Washington, D.C. and Montgomery County, Maryland. Representing more than 11,000 real estate professionals in the greater capital area, GCAAR provides services vital to its members’ daily business needs and works with lawmakers to ensure public policy that encourages homeownership and supports the real estate industry.