driven mainly by strong population growth, an expanding housing supply, and rising home values. Montgomery County added about 29,700 residents (a 4.5% increase) over the last period, growing faster than both the state and the nation, and developers added roughly 12,200 housing units (a 4.8% increase) to meet that demand. That combination of people and new homes helps explain why the local market remains active: more homes are coming online, but demand has kept pace.