The latest report on housing prices in Montgomery County indicates that the county’s housing market is in a state of growth, moving beyond recovery following the housing bubble that began to burst in 2007, the Montgomery County Planning Commission (MCPC) recently said.
The median sales price increased by 3.4 percent in 2018 to $295,000, the report released by MCPC said. A total of 12,036 homes were sold in the county last year, the second highest number in the last ten years.
“The quality of life in Montgomery County, boosted by our parks and trails, great school districts, and welcoming communities, has catalyzed the recovery of our housing market,” Dr. Valerie Arkoosh, chair of the MCPC, said. “The desire to live in Montgomery County and participate in its growing economy is reflected by the data in this new report.”
For existing units, the median sales price increased by 2.2 percent. The median sales price for new units, $455,000, grew by 0.4 percent. Single-family detached home prices increased by 3.7 percent, attached home prices increased 3.1 percent, and multifamily units increased in by 3.2 percent.
Since 2017, the number of days a home is on the market has decreased by seven. The average number of listings a month also decreased by almost 500 units since 2017.
The report also highlights emerging trends in the county and provides data for each municipality. It is available on the county’s website.