Is Montgomery, GA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
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
How much do homes in Montgomery, GA cost?
Median Sold Price
$685,000
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Montgomery have sold for 13.3% more than they did a year ago.
Summary: The median home sold price in Montgomery was $685,000 in August 2023, up 13.3% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $424.9K | $469.5K | +10.5% |
| 3 Bedrooms | $538.3K | $625K | +16.1% |
| 4 Bedrooms | $745K | $820K | +10.1% |
| 5+ Bedrooms | $1.1M | $1.0M | -10.9% |
Summary: Montgomery housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 16.1%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes decreased by 10.9%.
Median Sold Price Compared To Nearby Cities
| Savannah | $272.9K | $320K | +17.3% |
| Montgomery | $604.8K | $685K | +13.3% |
| Tybee Island-Wilmington Island | $409.9K | $440K | +7.3% |
Housing Supply
How many homes are available in Montgomery, GA?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 97 | 104 | +7.2% |
Summary: The Montgomery real estate market had 104 homes for sale in August 2023, a 7.2% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 5 | +66.7% |
| 3 Bedrooms | 50 | 52 | +4.0% |
| 4 Bedrooms | 36 | 37 | +2.8% |
| 5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The Montgomery housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 66.7%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 34 | 26 | -23.5% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
8 Homes Were 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 26 homes were sold or pending in Montgomery in August 2023, down by 23.5% month-over-month. Of the 26 sold homes, 50% were sold under asking, 19% were sold at asking, and 31% were sold over asking.
Days on Market
How long does it take to sell a home in Montgomery, GA?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 2 Days | 3 Days | +20.0% |
Summary: Homes in Montgomery had an average of 3 days on market in Aug 2023, up by 20% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Montgomery are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 26 homes were sold in Montgomery; 4% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Based on information from the Georgia MLS © 2023.