The real estate market in Montgomery County, Maryland is a hot topic amongst homeowners, investors, and real estate professionals. With its prime location just outside of Washington D.C., highly ranked schools, and diverse communities, Montgomery County has become a sought-after destination for homebuyers. And as 2023 comes to a close, many are wondering what the future holds for the real estate market in this county.

Current Market Trends

Before we dive into the projections for 2024, let's take a look at the current state of the 2023 real estate market in Montgomery County. According to data from Zillow, the median home value in the county is $544,000. This is a 6.8% increase from the previous year and is expected to continue rising in 2024.

Additionally, the average price per square foot in Montgomery County is $274, which is higher than the Washington Metro average of $259. This shows that homes in the county are in high demand and are selling for a premium.

Another trend to note is the low inventory in the county. As of November 2023, there were only 1,251 homes for sale in Montgomery County, a 5.3% decrease from the previous year. This low inventory is driving up home prices and causing bidding wars amongst buyers.

Projections for 2024

Based on current market trends, it is safe to say that the real estate market in Montgomery County will remain strong in 2024. The projected median home value for the county is $578,000, a 6.8% increase from the previous year. This means that homeowners can expect their home values to continue rising, making it a great time to sell.

It is important to note, however, that with rising home values, affordability may become an issue for some buyers. This may lead to a slight decrease in the number of home sales in 2024 compared to the previous year. However, this shouldn't deter potential homebuyers as there are still many affordable options available in the county.

Brian Getz - Your Montgomery County Real Estate Expert

When it comes to buying or selling a home in Montgomery County, it is crucial to have a knowledgeable and experienced real estate agent by your side. And there is no one better for the job than Brian Getz. With over 15 years of experience as a real estate agent in the county, Brian has an in-depth understanding of the market and can guide you through the process with ease.

Whether you are a first-time homebuyer or a seasoned investor, Brian's expertise and dedication to his clients make him the go-to resource for all your real estate needs in Montgomery County. He will work tirelessly to help you find your dream home or sell your property for top dollar.

Contact Brian Getz Today

As we head into 2024, the real estate market in Montgomery County, Maryland remains a seller's market with high demand and low inventory. With the right real estate agent by your side, you can navigate this market successfully.

To learn more about the current state of the market or to get expert advice on buying or selling a home in Montgomery County, contact Brian Getz today. You can trust him to provide you with the best resources and strategies to make your real estate goals a reality.