Is Montgomery, MI 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 has remained a Seller's Market.
Key Takeaway
Montgomery is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Montgomery, MI
How much do homes in Montgomery, MI cost?
Median Sold Price
$178,750
$114/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Montgomery have sold for 49% more than they did a year ago.
Summary: The median home sold price in Montgomery was $178,750 in May 2024, up 49% from last year, and the median price per square foot was $114.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $53K | - | N/A |
| 2 Bedrooms | $120K | $135K | +12.5% |
| 3 Bedrooms | $120K | $200K | +66.7% |
| 4 Bedrooms | $228K | $90K | -60.5% |
| 5+ Bedrooms | - | $107.1K | N/A |
Summary: Montgomery housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 66.7%, 4 bedroom homes decreased by 60.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Montgomery | $120K | $178.7K | +49.0% |
| Montgomery | $120K | $158.7K | +32.3% |
| Camden Township | $175K | $229.5K | +31.1% |
Housing Supply in Montgomery, MI
How many homes are available in Montgomery, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 8 | +33.3% |
Summary: The Montgomery real estate market had 8 homes for sale in May 2024, a 33.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 5 | 5 | 0.0% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Montgomery housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Montgomery, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Montgomery in May 2024, up by 100.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Montgomery, MI
How long does it take to sell a home in Montgomery, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 46 Days | 81 Days | +77.2% |
Summary: Homes in Montgomery had an average of 81 days on market in May 2024, up by 77.2% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Montgomery has remained consistent over time.
Summary: During May 2024, 2 homes were sold in Montgomery; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
