Germantown sits near the north end of Montgomery County, and part of its popularity is due to its proximity to many major north-south commuting routes into Washington, DC and Northern Virginia. The 6-year-old Germantown Town Center and surrounding retail areas are a huge draw for everyone in the area, and Germantown has a high number of movie theater seats per resident.
The following conditions reflect the market in Germantown, Maryland:
- Homes for sale: 405
- Closed sales: 116
- Average sales price: $256,487
- Average days on market: 65
The average sales price of $256,487 is still down almost $100,000 from the same period one year ago. Many of the houses sold are in the lower price ranges, which is part of the reason why this figure is much lower this year, pulling the average price down. First-time buyers constituted the majority of the purchasers in Germantown during the last quarter.
Also, available inventory is down 50% from the same period one year ago and the time it takes to sell a house has been cut nearly in half. This combined with today’s low interest rates has created a buyer frenzy on some of the lower priced listings on the market.