As we close out 2024, the housing market in Washington, D.C. and Montgomery County is showing remarkable strength, with several key indicators pointing toward robust growth. December data reveals a healthy surge in sales and prices. This is great news for both sellers and prospective buyers in these areas.
1. Closed Sales See Significant Uptick
In December 2024, closed sales in both D.C. and Montgomery County saw an impressive 24.4% increase compared to the same month last year. The rise in sales is a clear sign that both buyers and sellers are finding opportunities in the local market.
2. Average Sale Price Rises
The average sale price in the region rose by 8.7% year-over-year, signaling a continued upward trend in property values. This increase suggests that demand for homes in the D.C. metro area remains high, with home buyers willing to pay a premium for properties in desirable locations.
3. Median Sale Price Gains Ground
Similarly, the median sale price for homes in D.C. and Montgomery County also saw notable growth, climbing 7.4% from December 2023.
4. Homes Are Selling Faster
Despite higher prices, homes are selling quickly. The median days on the market in December 2024 was 24 days, indicating that homes are being snapped up at a relatively fast pace. This short time frame highlights the competitive nature of the market, where buyers are eager to secure a property before prices increase further. For sellers, this is encouraging news, as quick sales can help maximize returns.
What Does This Mean for Buyers and Sellers?
For buyers, the data shows that while prices are rising, the market remains active and there are still opportunities to find homes that meet their needs. However, quick decision-making may be essential as properties continue to sell fast.
For sellers, December’s data signals a favorable environment, with strong demand and rising prices. If you’re considering listing your home, now could be a prime time to take advantage of the market’s momentum.
In Conclusion
The housing market in Washington, D.C. and Montgomery County ended 2024 on a high note, with substantial growth in sales and prices. With strong buyer demand, rising values, and homes selling quickly, both sellers and buyers should feel optimistic as we head into 2025. It’s clear that the D.C. metro area remains one of the most sought-after real estate markets in the country, and this trend looks set to continue well into the new year.
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Beltway Suburban Realty 
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