Montgomery County Sees Increase in Median Home Sale Prices

The housing market may be on the rebound, according to new numbers released by Long & Foster.

The real estate company’s data show that, in a year-over-year comparison from February 2012 to February 2013, median sales prices are up in Montgomery County, while the inventory of homes for sale is down significantly.

The pace of homes being listed and being sold has also picked up over the past 12 months, with the average Prince George’s County house staying on the market for 54 days, and 51 days in Montgomery County.

County

Median Sales Price—Feb. 2012

Median Sales Price—Feb. 2013

Change

Available Inventory—Feb. 2013

Change

Montgomery

$314,995

$349,450

+11%

1,550

-45%

Prince George’s

$152,000

$165,000

+9%

1,710

-56%

Sales prices are also high compared to the asking prices. In Prince George’s County, sales prices were 99 percent of the list price and nearly 98 percent in Montgomery County.

Jeffrey S. Detwiler, president and chief operating officer of the Long & Foster Companies said the numbers are “all great signs for a suburban Maryland-area residential real estate market that is in full recovery mode.”

Correction: The original table with this article contained incorrect median sales prices in Prince George's County. The article has been corrected.