It seems like there’s a back-to-school sale for everything! Did you know that you can find discounts on homes this time of year too? Read on to discover how back-to-school affects the real estate market and whether it’s a good time to buy or sell.
How the seasons affect real estate
The best time to sell a home is early summer—particularly the month of May. May leads with seller premiums at 13.4%, followed closely by June and July. The popularity of this time of year can be attributed to nice weather, which makes moving easier and also brings out the best in your landscaping. Flowers are bright and blooming in May, lawns have recovered, and trees have regained their leaves.
Conversely, early summer is the worst time to buy a home. Prices are higher and competition is usually steeper—for many of the same reasons. If you’re thinking of buying, try the fall! Prices are usually lower and there tends to be less competition.
Data shows that the seasons affect real estate more in areas that experience all four seasons (like Montgomery County). The peaks and valleys of seasonal home buying and selling aren’t as extreme in warm regions like the South and Southwest—but they do still exist.
Why? Because there are seasonal factors besides climate that affect real estate, like holidays and perhaps most importantly, the school year.
Does back-to-school affect the real estate market?
The short answer: it can. Although factors like weather are important, the return of the school year represents a drop in home sales most of the time. Why?
Around 35% of households in Montgomery County have children under 18, and almost half of homebuyers of school-aged kids say they’re influenced by schools when selecting a place to live. Getting settled into a new home in a preferred school district before school starts to avoid uprooting kids in the middle of the year is important to many. That means home shopping and buying when the previous school year ends—in early summer.
What we’re seeing right now in Montgomery County
Along with the nationwide post-pandemic market correction, the Montgomery County market is experiencing some expected cooling for the fall months. Though there was a 37.2% increase in the number of homes for sale since July, the number of homes sold has actually dropped. In peak season in May, there were 1,204 homes sold after an average nine days on the market. Comparatively, last month there were 1,081 homes sold after an average 24 days on the market. That represents an 11% reduction in the number of homes sold and a 166% increase in the time on market.
As a result, we’re seeing price reductions. One-third of all the homes sold last month in Montgomery County were sold under the asking price.
Take advantage of dropping home prices and check out these recently-reduced price homes in Montgomery County—available now!
5 recently-reduced homes for sale now
These Montgomery County homes had their prices slashed in the last 30 days. Get them before they’re gone!
1. 17 Orchard Way S, Potomac, MD 20854 - $̶9̶9̶9̶,̶0̶0̶0̶ $899,900
4 bedrooms, 2.5 bathrooms, 2,488 square feet
Price reduction: $99,100
Listed by: Bill Wang • Hometown Elite Realty LLC, 301-523-8008
BRIGHT MLS #MDMC2065906
2. 6300 Wilmett Rd, Bethesda, MD 20817 - $̶9̶3̶0̶,̶0̶0̶0̶ $875,000
3 bedrooms, 2 bathrooms, 2,221 square feet
Price reduction: $55,000
Listed by: Kris Paolini • Redfin Corp
BRIGHT MLS #MDMC2065806
3. 3903 Joliet St, Silver Spring, MD 20906 - $̶5̶9̶5̶,̶0̶0̶0̶ $564,000
5 bedrooms, 3 bathrooms, 3,092 square feet
Price reduction: $31,000
Listed by: Ivan Silva • RE/MAX Town Center, 301-540-2232
BRIGHT MLS #MDMC2054258
4. 13916 Dowlais Dr, Rockville, MD 20853 - $̶6̶0̶0̶,̶0̶0̶0̶ $582,000
4 bedrooms, 3 bathrooms, 2,760 square feet
Price reduction: $18,000
Listed by: Eric Peek SR. • Peek Properties, Robin Wolfson • Peek Properties, 301-728-7426
BRIGHT MLS #MDMC2062994
5. 10217 Farnham Dr, Bethesda, MD 20814 - $̶9̶9̶5̶,̶0̶0̶0̶ $960,000
4 bedrooms, 3 bathrooms, 1,860 square feet
Price reduction: $35,000
Listed by: Christine Malich • Samson Properties, 240-630-8689
BRIGHT MLS #MDMC2068254
Ready to shop? Thinking of selling?
Either way, we’ve got your back. The Speicher Group of Long & Foster has the experience and expertise to help you make your real estate goals a reality—and conquer your impossible. Fill out the form below to get started.
All listings courtesy of BRIGHT MLS.
And when you're ready to find your dream home in Bethesda, we're here. Give us a call at 301-781-7525 to find out how we can help.