February 2021 Housing Statistics in Montgomery County, Maryland
February 2021 marked another strong month for housing markets in Maryland and Montgomery County. Sales prices were on the climb while months of inventory and active inventory dwindled even further compared to the same time last year. Median days on market have continued to decrease, putting more pressure on buyers who are already struggling with low inventory. Many buyers have felt the heat while sellers have enjoyed selling quickly and for top dollar. As more first-time homebuyers enter the market, it will be crucial that more inventory comes to the market in order to ease mounting challenges. Though many buyers have been fatigued by the current market, buyers are continuing to snap up homes in both Montgomery County and overall in Maryland.
Average sales prices have risen since February 2020 with prices in Maryland increasing by 13.9% from $336,841 to $383,743 and prices in Montgomery County increasing by 12.4% from $511,417 to $574,908. Median sales prices were also up 10.2% in Maryland ($325,000 compared to $295,000) and up 9.2% in Montgomery County ($475,000 compared to $435,000). Though prices have increased from February 2020 to February 2021, this month’s average and median sales prices were slightly lower than the previous month’s. In January 2021 the average sales price in Maryland was $387,118 and Montgomery County was $617,492 while the median sales price in Maryland was $326,000 and Montgomery County was $500,000.
Though prices seem to be stabilizing, inventory continues to be a challenge for buyers. Active inventory has plummeted by 65.6% in Maryland (from 18,179 to 6,245) and by 48.7% in Montgomery County (from 1,616 to 829) between February 2020 and February 2021. Active inventory has further tightened since the previous month with 6,763 active homes in Maryland and 871 active homes in Montgomery County in January 2021. Months of inventory took a similar turn with Maryland going from 2.4 months to 0.8 months and Montgomery County from 1.5 months to 0.7 months between February 2020 and February 2021. But months of inventory has relatively stabilized since both Maryland and Montgomery County had 0.8 months of inventory in January 2021.
Units sold in Maryland were up from 5,527 sold last February to 6,209 sold this February; units sold in Montgomery County were up from 790 units sold last February to 877 sold this February. This represents a modest increase from the previous month where 6,198 units were sold in Maryland and 813 units were sold in Montgomery County. Pending units in Maryland were up from 7,193 last February to 7,442 this February but pending units in Montgomery County were down from 996 last February to 964 this February. Median days on market were 8 in Maryland compared to 29 last February and 7 in Montgomery County compared to 18 last February. In January 2021 the median days on market were 10 in Maryland and 8 in Montgomery County. This January there were 7,657 new listings in Maryland and 1,084 new listings in Montgomery County; this February there were 7,404 new listings in Maryland and 1,002 new listings in Montgomery County.
For a complimentary market analysis of your home, call the Tamara Kucik Team at 301-780-HOME (4663).
Read our analysis of the housing market in January 2021 here.