Is Montgomery, AL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Montgomery is a neutral's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Montgomery was a Seller's Market.

Key Takeaway

Montgomery is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Montgomery, AL

How much do homes in Montgomery, AL cost?

Median Sold Price

$171,981

$99/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$1,348(+0.8%)

Key Takeaway

Homes in Montgomery have sold for 0.8% more than they did a year ago.

Summary: The median home sold price in Montgomery was $171,981 in February 2024, up 0.8% from last year, and the median price per square foot was $99.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $156.9K$162.4K
+3.5%
2 $115K$87K
-24.3%
3 $149.1K$144.9K
-2.8%
4 $262.3K$268.2K
+2.2%
5+ $407.1K$396K
-2.7%

Summary: Montgomery housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.5%, 2 bedroom homes decreased by 24.3%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes decreased by 2.7%.

Median Sold Price Compared To Nearby Cities

Mount Meigs
+3.2%
Pike Road
+0.9%
Montgomery
+0.8%
Hope Hull
-30.0%

Housing Supply in Montgomery, AL

How many homes are available in Montgomery, AL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
799888+11.1%

Summary: The Montgomery real estate market had 888 homes for sale in February 2024, a 11.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 58
+60.0%
2 6478
+21.9%
3 403442
+9.7%
4 265288
+8.7%
5+ 6272
+16.1%

Summary: The Montgomery housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 60%, 2 bedroom homes increased by 21.9%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 16.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
133137+3.0%

Asking Price vs. Sold Price

76 Homes Were Sold
Under Asking

41 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Montgomery, you may be able to get a good deal. 55.5% of homes here sold below asking price last month.

Summary: A total of 137 homes were sold or pending in Montgomery in February 2024, up by 3.0% month-over-month. Of the 137 sold homes, 55% were sold under asking, 30% were sold at asking, and 15% were sold over asking.

Days on Market for Montgomery, AL

How long does it take to sell a home in Montgomery, AL?

Average Sale Time

Feb 2023Feb 2024CHANGE
71 Days76 Days+7.1%

Summary: Homes in Montgomery had an average of 76 days on market in Feb 2024, up by 7.1% compared to last year.

Breakdown of Home Sale Times

40 Homes Were Sold
Under 30 Days

57 Homes Were Sold
In 30 - 90 Days

40 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Montgomery has remained consistent over time.

Summary: During February 2024, 137 homes were sold in Montgomery; 29% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Montgomery, AL

Nearby Markets to Montgomery, AL

What housing markets are near Montgomery, AL?