Is Montgomery, AL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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, AL
How much do homes in Montgomery, AL cost?
Median Sold Price
$174,983
$99/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Montgomery have sold for 2.8% more than they did a year ago.
Summary: The median home sold price in Montgomery was $174,983 in March 2024, up 2.8% from last year, and the median price per square foot was $99.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $156.9K | $162.4K | +3.5% |
| 2 Bedrooms | $115K | $87K | -24.3% |
| 3 Bedrooms | $145.4K | $146.1K | 0.4% |
| 4 Bedrooms | $263.2K | $270.4K | +2.7% |
| 5+ Bedrooms | $414K | $380K | -8.2% |
Summary: Montgomery housing prices by bedroom type for March 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 increased by 0.4%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes decreased by 8.2%.
Median Sold Price Compared To Nearby Cities
| Mount Meigs | $289.9K | $299.9K | +3.4% |
| Montgomery | $170.1K | $174.9K | +2.8% |
| Pike Road | $352.6K | $353.5K | 0.3% |
| Hope Hull | $167.4K | $121.4K | -27.5% |
Housing Supply in Montgomery, AL
How many homes are available in Montgomery, AL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 854 | 938 | +9.8% |
Summary: The Montgomery real estate market had 938 homes for sale in March 2024, a 9.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 7 | 0.0% |
| 2 Bedrooms | 73 | 75 | +2.7% |
| 3 Bedrooms | 425 | 467 | +9.9% |
| 4 Bedrooms | 278 | 307 | +10.4% |
| 5+ Bedrooms | 71 | 82 | +15.5% |
Summary: The Montgomery housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 10.4%, and 5+ bedroom homes increased by 15.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 147 | 185 | +25.9% |
Asking Price vs. Sold Price
99 Homes Were Sold
Under Asking
56 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Montgomery, you may be able to get a good deal. 53.5% of homes here sold below asking price last month.
Summary: A total of 185 homes were sold or pending in Montgomery in March 2024, up by 25.9% month-over-month. Of the 185 sold homes, 54% were sold under asking, 30% were sold at asking, and 16% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 62 Days | 89 Days | +42.6% |
Summary: Homes in Montgomery had an average of 89 days on market in Mar 2024, up by 42.6% compared to last year.
Breakdown of Home Sale Times
62 Homes Were Sold
Under 30 Days
65 Homes Were Sold
In 30 - 90 Days
58 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Montgomery has remained consistent over time.
Summary: During March 2024, 185 homes were sold in Montgomery; 34% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 31% of homes were sold over 90 days.
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