Montgomery County PA February 2024 Housing Market Report

🏠 Montgomery County PA Housing Market Update - February 2024 🏠

Greetings, Montgomery County! Rick Sheppard here, bringing you the fresh-off-the-press February Housing Market insights. With over 35 years of making real estate dreams come true, and backed by a trail of gleaming 5-star reviews, let's dive into what this past month meant for your home buying and selling adventures.

Overall Market Snapshot:

February saw a burst of activity with 692 new listings, a notable leap from January's 546. This surge represents a 26.7% month-over-month increase, hinting at a growing confidence among sellers. The pulse of the market, however, showed a slight cool down in closed sales, ticking down 5.7% from January with 434 homes finding their new owners.

The median sold price took a modest step back to $420,000, down 1.9% from January but still boasting a robust 9.5% year-over-year growth. Active listings hovered at 785, providing a varied menu for hungry homebuyers.

Detached Homes Deep Dive:

Detached homes showed their strength with 415 new listings, marking a 24.3% increase from January. The median sold price for these standalone abodes adjusted slightly to $485,000, a minor 1% dip from the prior month but up a significant 15.5% from last February. The average days on market (DOM) sat comfortably at 30 days, indicating a brisk pace compared to the 5-year February average of 37 days.

Attached Homes Analysis:

The townhomes and condos weren't shy either, presenting 277 new listings, a 30.7% jump from January. The median sold price climbed to $325,000, up 2.5% month-over-month and showing a healthy 5.8% increase year-over-year. The DOM for attached units matched the 5-year average at 38 days, suggesting steady demand. 

Rick's Market Musings:

With mortgage rates taking a recent dip across all loan terms, and whispers of potential rate cuts on the horizon, the market's future looks as unpredictable as ever. Yet, the resilience in both detached and attached home sectors speaks volumes. For sellers, the market remains friendly, yet buyers, armed with patience and the right guidance (wink, wink), can find opportunities.

In-Depth Neighborhood Market Reports:
For those interested in a granular analysis of Montgomery County's real estate market, we offer detailed reports for select neighborhoods. These include insights on active listings, homes under contract, and recently sold properties, providing a comprehensive view of the market's dynamics across different locales.

Such detailed reports are invaluable for both sellers and buyers, offering enhanced understanding of local market conditions and aiding in more informed decision-making. For a complete view of listings and to stay abreast of the latest market trends, visit the links provided below.

Ensure you're always equipped with the latest market insights by revisiting our site frequently.

Chester County Housing Market Report

Blue Bell Housing Market Report
Collegeville Housing Market Report

Lansdale Housing Market Report
North Wales Housing Market Report
Phoenxivlle Housing Market Report
Plymouth Meeting Housing Market Report

In a market as intricate as Montgomery County's, being well-informed is key. For tailored advice or any inquiries, feel free to contact Rick Sheppard at eXp Realty. With over 36 years of experience and a dedication to excellence, Rick is well-equipped to guide you through your real estate journey with confidence and expertise.

And click the link for Chester County's housing market news.