- The median single family home in Montgomery costs $458,000, which is a 7.13% increase from last month but a 6.77%
increase year over year. Interest Rates have dropped slightly and are currently sitting at 6.49% on average for a conventional loan. - My name is Brandon Reneau, your Montgomery County Realtor there's a lot of opinions out there about the real estate market but I'm here to provide you with the facts.
According to the experts at Realtors Property Resource—a premier data provider and a tool from the National Association of Realtors—we’ve got some interesting trends to discuss. Right now, we’re looking at 4.66 Months of Inventory. So, what does that mean for buyers and sellers?
This inventory level still places us in a seller's market which may be surprise to most people. But, here’s where it gets interesting. Compared to June, we’ve absorbed .2 months of Inventory. Which indicates the seller's are slightly gaining more control. Will the market continue to slightly favorite seller's in Montgomery? I will have more data in the beginning of September however the real estate market is always changing and we could see it shift into more of a buyer's market. However, interest rates are expected to go down slightly and that may encourage more people to move. When we look back to July of 2023, the market wasn't nearly as balanced as it is this year.
The List to Sold Price percentage. Right now, this figure is holding steady at an impressive 97.1%. What does this mean? Well, sellers in Montgomery are still achieving strong sale prices relative to their listing prices.
Currently, homes in Montgomery are selling in a median of 37 days. This indicates that properties are moving off the market relatively quickly. Now, how does this compare to last month? We’re seeing a slight change in the pace. Homes are either selling a bit faster than the previous month. Specifically, it's 3 days quicker than last month and if we compare this to the same time last year, the current median of 37 days is 12 days slower than it was in July 2023. This gives us a broader perspective on how market dynamics are shifting over time.
To recap: Strong List to Sold Price percentage and relatively quick Days on Market suggest a healthy and active market in Montgomery.
If you're interested in a further break down of any of this information or would like to know more about the rental market please let me know. I serve all of Montgomery County and am working on putting market reports out for the different cities every month. If there's any data that you would like me to provide on top of this to paint a clearer picture please leave a comment and let me know.
