Is Montgomery County, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Montgomery County has remained a Seller's Market.
Key Takeaway
Montgomery County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Montgomery County, PA
How much do homes in Montgomery County, PA cost?
Median Sold Price
$429,909
$231/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Montgomery County have sold for 4.9% more than they did a year ago.
Summary: The median home sold price in Montgomery County was $429,909 in May 2024, up 4.9% from last year, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $177.7K | $185K | +4.1% |
| 2 Bedrooms | $275K | $285K | +3.6% |
| 3 Bedrooms | $374.9K | $395.2K | +5.4% |
| 4 Bedrooms | $531.5K | $550.6K | +3.6% |
| 5+ Bedrooms | $684.5K | $728K | +6.3% |
Summary: Montgomery County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.1%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 6.3%.
Median Sold Price Compared To Nearby Counties
| Chester County | $476.5K | $509.2K | +6.9% |
| Delaware County | $317K | $335K | +5.7% |
| Montgomery County | $409.7K | $429.9K | +4.9% |
| Bucks County | $445.5K | $464.8K | +4.3% |
| Philadelphia County | $264K | $257.9K | -2.3% |
Housing Supply in Montgomery County, PA
How many homes are available in Montgomery County, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2,202 | 2,528 | +14.8% |
Summary: The Montgomery County real estate market had 2,528 homes for sale in May 2024, a 14.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 50 | 43 | -14.0% |
| 2 Bedrooms | 284 | 293 | +3.2% |
| 3 Bedrooms | 871 | 1,027 | +17.9% |
| 4 Bedrooms | 692 | 824 | +19.1% |
| 5+ Bedrooms | 305 | 341 | +11.8% |
Summary: The Montgomery County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 14%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 17.9%, 4 bedroom homes increased by 19.1%, and 5+ bedroom homes increased by 11.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 514 | 503 | -2.1% |
Asking Price vs. Sold Price
129 Homes Were Sold
Under Asking
76 Homes Were Sold
At Asking
298 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Montgomery County, you could pay more than the asking price. 59.2% of homes here sold above asking price last month.
Summary: A total of 503 homes were sold or pending in Montgomery County in May 2024, down by 2.1% month-over-month. Of the 503 sold homes, 26% were sold under asking, 15% were sold at asking, and 59% were sold over asking.
Days on Market for Montgomery County, PA
How long does it take to sell a home in Montgomery County, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 18 Days | +4.7% |
Summary: Homes in Montgomery County had an average of 18 days on market in May 2024, up by 4.7% compared to last year.
Breakdown of Home Sale Times
429 Homes Were Sold
Under 30 Days
51 Homes Were Sold
In 30 - 90 Days
23 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Montgomery County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 503 homes were sold in Montgomery County; 85% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
The multiple listing information is provided by West Penn Multi-List, Inc. Information deemed reliable, but not guaranteed. IDX info provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale, change, or withdrawal. Listings displaying the IDX logo belong to brokers other than this broker. Neither the listing broker(s) nor this broker or the MLS shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.