Median sold price $590,000, an increase of 5.8% from previous month and 10.6% increase from April 2020; average time on market: 19 days
ROCKVILLE, Md. – RealEstateRama – The average time residential properties in the region were available on the market dropped to 19 days in April, as REALTORS® continue to help homebuyers in a market faced with limited inventory. The median sold price for residential properties was $590,000, up 10.6% compared to April 2020.
The April information is the latest from the Greater Capital Area Association of REALTORS® (GCAAR), representing sales data for the Washington, D.C. and Montgomery County markets.
The median sold price for residential properties for April represented an increase of 5.8% compared to March 2021.
In Montgomery County, the median sold price was $535,000, up 6.5% from March 2021. In D.C., the median sold price was $660,000, up 4.8% from the previous month.
Average days on the market were 16 in Montgomery County and 23 in the District.
“A shortage of homes available for sale, paired with relatively low mortgage interest rates, has created a unique situation where sellers and buyers need to be prepared with the tools and strategies they need to stay competitive and achieve their goals,” said 2021 GCAAR President Jan Brito.
There was a 1% month-over-month decrease in new contract activity with 2,664 New Pendings; a 5.5% month-over-month increase in All Pendings (new contracts + contracts carried over from March) to 3,213; and a 17% increase in supply to 2,708 active units. (more)
“This market shows the value REALTORS® bring to the table as they’re guiding clients through the homebuying and selling process during a particularly active time, which requires a high level of knowledge and expertise,” said GCAAR CEO Edward R. Krauze.
You can access the reports here:
• Cumulative report – Montgomery County and Washington, D.C.
• Montgomery County, Md.
• Washington, D.C.
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 10,000 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. Formore information, visit www.GCAAR.com.
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Contact: Christine Barnhart, Vice President, Strategic Communications