Germantown MD real estate market update May 2023 edition

Hello Buyers and Sellers!

Are you curious about the current state of the real estate market? Well, let me tell you, the numbers are looking pretty good! Let's dive into the metrics and see what they mean for you.

First up, we have the Months Supply of Inventory which is currently at 0.42. This means that if no new homes were listed for sale, it would take less than half a month for all the current listings to be sold. That's a pretty low number, indicating that the market is currently favoring sellers.

Speaking of sellers, the 12-Month Change in Months of Inventory is at -69.12%. This is a significant decrease from the past year, meaning that there are fewer homes for sale compared to last year. This again favors sellers as there is less competition and more demand for the homes that are available.

Now, let's talk about the Median Days Homes are On the Market. This number is only 5 days! That's right, homes are selling quickly in this market. Buyers need to act fast if they want to secure their dream home.

If you're a seller, you'll be happy to hear that the List to Sold Price Percentage is at 103.1%. This means that, on average, homes are selling for 3.1% more than their listing price. This is great news for sellers as it means they're likely to get a good return on their investment.

Finally, we have the Median Sold Price which is currently at $420,000. This is a healthy median price point and shows that the market is stable. Buyers and sellers alike can feel confident in the value of the homes being sold.

In conclusion, the real estate market is currently favoring sellers with low inventory and quick sales. However, buyers can still find great value in the homes that are available. It's an exciting time to be in the market, and we're here to help you navigate it.