Single family homes in the Montgomery, Texas area continue to increase over time. The average listing price for a home is now $468,640 which is an increase of 24% or $92,000 since this time last year. Average sold prices have also increased from $285,000 to $320,000 over the same period.
These numbers are expected to increase over the coming weeks as the spring buying season is upon us. Since the number of active listings continue to increase, the increase in value can be attributed to a higher demand, rather than a shortage in supply. This could point to the fact that a growing number of households still view home ownership as a high quality, long-term investment. First time home buyers and existing homeowners remain extremely active in today’s real estate market.
These are some of the reasons why the number of active listings in Montgomery increased by 9.2% from the previous month. Demand for home ownership housing is still very high relative to the number of homes available for sale in May. This is not expected to change as the real estate market shifts into the spring buying season which is typically a very busy time of year.
The number of days on market is still considerably shorter than the national average and currently stands at 64 days. Although home values are increasing, buyers are taking their time making decisions since there are still a large number of listings available on the market. Until the market experiences a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong and will continue to increase over time.
Please contact me for more information regarding the housing market in Montgomery, Texas and surrounding areas.