What's Really Happening in Montgomery County's Housing Market

What's Really Happening in Montgomery County's Housing Market

In Montco, a tight housing market is putting the squeeze on buyers and boosting prices. Here’s why.

Buyers Compete for Fewer Listings

Montgomery County started the year with a much lower number of homes for sale than last year. This January, 2,310 homes were for sale in the county, compared with 3,868 in January of last year—a huge difference. New listings this January and February were also down compared with last year, further exacerbating the problem. New listings did increase this March, but not enough to make up for previous declines.

Average Sale Prices Are Up

The imbalance between housing supply and buyer demand has caused prices to rise, to the disappointment of many buyers. The average sale price for Montgomery County as a whole was $401,633 this March, compared with $354,048 last March.

Here are the average sale prices this March versus last March for some of our local school districts:

District           March 2020           March 2021

North Penn           $318,425          $379,933
Souderton             $319,795          $413,294
Perkiomen Valley  $323,375         $343,150
Spring-Ford          $353,751          $395,734
Methacton            $385,064          $518,213
Wissahickon         $589,692          $606,374

Average Days to Sell is Down

With fewer homes for sale, homes are selling quicker. This March, the average days to sell was just 27, compared with 44 last March. In some neighborhoods, homes are selling much quicker, putting pressure on buyers to act quickly before the home they like is sold.

Data from BrightMLS as of April 6, 2021

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Read more of Annette’s real estate articles for the latest real estate advice. If you’re planning to buy or sell a home, contact Annette Nelson at (610) 247-7892 or annette@preferredhomes.com

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