We have talked about the concept of micro-markets in the past. The current state of the market represents this concept of micro-markets. Specifically, the DC metro area contains many markets. These include the specific county you’re in as well as the specific neighborhood you might be looking at.
The data above shows that our micro-markets at the County level, are performing differently this month. Specifically, Montgomery County continues to be the fastest pace market with the highest number of homes sold compared to the other counties in the data. Homes in Montgomery County are selling twice as fast as those listed in the District of Columbia. Next, Frederick County, followed by Prince Georges County homes are selling at a respectable rate at less than 30 days on the market. The District of Columbia on the other hand has more homes coming on the market that are being absorbed in 30 days. Thus, the monthly supply of homes in the District of Columbia is at 3.4 months. If this trend continues, the District of Columbia will get to a balanced market.
A balanced market is where the number of buyers and the number of sellers is about equal. That is when the month’s supply reaches six, we have reach a balanced market. Once that number exceeds six months, we are then in a buyer’s market. This is something to pay attention to in the District of Columbia specifically.
All other jurisdictions in the DC Metro market have a monthly supply of only 1.1 to 1.5. That is an indication that we are still in a seller’s market and prices will continue to rise.
If you have questions about what’s happening in your specific neighborhood, please get in touch with me at 301-200-1232 or shoot me a message and I’d be happy to connect with you.
Alex Saenger and the Saenger Group are Top 1% Maryland Real Estate Agents serving the Washington DC Metro area. We are licensed Realtors based in Rockville, MD at Keller Williams Capital Properties.
