When you enter a new year, the first two months of data are noisy. January and February reflect decisions made in November and December — not the current market psychology. By late February into March, the leading indicators start telling a clearer story. Here’s what the February 2024Bright MLSdata shows for Montgomery County, and what it signals for spring.

Units Sold: Down 9% Year-Over-Year

February 2024 saw 522 closed sales in Montgomery County versus 574 in February 2023 — a 9% decline. On its own, that sounds concerning. In context, it reflects both the elevated rate environment and the comparison to a February 2023 that itself was below the pre-pandemic baseline. The number of units sold is a lagging indicator — it reflects contracts signed 30-45 days earlier.

Days on Market: Down to 24 From 32

This is the more telling number. Average days on market fell from 32 in February 2023 to 24 in February 2024 — a 25% improvement in selling speed. Homes are moving faster despite higher rates. This signals that the pool of motivated buyers is active and competitive when inventory appears — they’re not waiting on the sidelines.

List-to-Sale Price Ratio: Above 100%

The average sale price as a percentage of list price exceeded 100% in February 2024 — meaning the average home sold above asking. This is the clearest signal of competitive market conditions. When buyers are consistently paying above list price, inventory is insufficient relative to active demand.

New Listings: Slowly Increasing

The number of new listings entering the market in early 2024 was trending slightly above early 2023 levels — a positive sign heading into spring. The lock-in effect (homeowners reluctant to trade a 3% mortgage for a 7% mortgage) has suppressed listing activity, but some sellers are beginning to move due to life circumstances regardless of rate considerations. Kevin’s expectation: spring 2024 would bring modestly more inventory than 2023 spring, but still well below what’s needed to satisfy demand.

What This Means for Buyers in Spring 2024

The data confirms what Kevin sees in the market day-to-day: well-priced homes in desirableSilver Spring, Bethesda,Potomac, andRockvilleneighborhoods are selling quickly and competitively. Buyers need pre-approval in hand, clarity on their decision-making criteria, and the ability to move fast. The window between seeing a home and needing to make an offer is often 24-72 hours in this market.

For practical guidance on navigating a competitive purchase, see the home buyers guide. To talk through your specific situation,book a call with Kevin.

What This Means for Sellers in Spring 2024

If your home is well-prepared and correctly priced, spring 2024 in Montgomery County is a favorable selling environment. The above-100% list-to-sale ratio means motivated sellers who price right are leaving the table without money left on the table. The preparation checklist in thehome sellers guidecovers what “well-prepared” means specifically in this market.

Frequently Asked Questions

Is Montgomery County a buyer’s or seller’s market in 2024?

Seller’s market. Average days on market of 24, list-to-sale ratio above 100%, and constrained inventory all favor sellers. Buyers need strong preparation and quick decision-making to compete effectively.

Are home prices dropping in Montgomery County?

No. Despite elevated mortgage rates, prices in Montgomery County have held and in many sub-markets continued to appreciate in early 2024. The combination of high demand and constrained supply has prevented the price correction some national commentators predicted.

Where can I find current Montgomery County real estate market data?

Bright MLS’s Smart Charts tool provides county-level and zip-code-level market statistics updated monthly. Kevin also publishes regular market updates on his YouTube channel.

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Questions about buying or selling in Montgomery County?Book a free 30-minute call with Kevin.

Sources and next steps

Verified local sources:U.S. Census QuickFacts for Montgomery County;WMATA maps and schedules;Montgomery County Open Data;Montgomery Parks trails and facilities.

Related Kevin guides:relocation guide;home buying guide;book a call.

Watch the YouTube videoorbook a 30-minute strategy call with Kevin.

Expanded local research sources:Visit Montgomery travel guide;Visit Montgomery restaurant directory;Tripadvisor Montgomery County things to do;Tripadvisor Montgomery County restaurants;Google Maps restaurants near Montgomery County;Google Maps things to do near Montgomery County;Reddit MoCo discussion search for Montgomery County;Reddit thread: moving from DC to MoCo;Reddit thread: visitor activities in MoCo;WMATA rail and bus maps;Montgomery Parks;Montgomery County Open Data;Niche Montgomery County livability;MoCo360 local news.

Contextual links for this video

Kevin site links:home selling guide;home buying guide;Montgomery County relocation guide;market stats;California to Maryland: The Honest Truth About Relocating to Montgomery County.

Outside research links for this video:Visit Montgomery travel guide;Visit Montgomery restaurants;Google Maps restaurants near Montgomery County;Reddit discussion search for this topic;Google context search for this video.

Kevin process link: why Kevin’s local process matters.