Montgomery Alabama Real Estate Market Update - July 2024

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Montgomery Alabama Real Estate Market Update: What the Numbers Mean for You

Hello, Montgomery! 🏡

As a real estate professional deeply invested in our community, I’m excited to share the latest trends and insights from our local market. Understanding these numbers can help you make informed decisions whether you're buying, selling, or just curious about the market.

Median Home Price

• Today: $271,250
• 1 Year Ago: $249,884
• Change: + 8%

The median home price in Montgomery has increased by 8% over the past year. This steady rise reflects a strong demand for homes in our area. For sellers, this is fantastic news as it means your property has likely appreciated in value. For buyers, it’s a sign to act sooner rather than later, as prices are on an upward trend.

Days on Market (DOM)

• Today: 78 days
• 1 Year Ago: 64 days
• Change: + 18%

Homes are staying on the market a bit longer, with the average DOM increasing by 18%. This could be due to a variety of factors, including more discerning buyers or perhaps more homes being listed. If you're selling, it might take a little longer to find the right buyer, but don’t be discouraged. Pricing your home competitively and making it stand out with key updates can help reduce this time.

Months of Supply of Inventory

• Today: 2.2 months
• 1 Year Ago: 2.6 months
• Change: - 16%

The months of supply of inventory has decreased by 16%, currently standing at 2.2 months. This metric indicates how long it would take to sell all the homes currently on the market if no new listings were added. A lower number signifies a seller’s market, where demand outpaces supply. This is beneficial for sellers as it can lead to quicker sales and potentially higher prices.

What Does This Mean for Buyers and Sellers?

For Sellers:

• Increased Home Values: The rise in median home prices means your property is likely worth more now than it was a year ago.
• Competitive Market: With fewer homes on the market, your listing has a better chance of standing out and attracting buyers.
• Longer Selling Time: While homes are selling for more, they’re also taking a bit longer to sell. Be patient and ensure your home is priced right and in good condition.

For Buyers:

• Act Quickly: Rising prices indicate that waiting could cost you more. If you find a home you love, consider making an offer sooner rather than later.
• More Choices: The increase in DOM suggests there are more homes available, giving you more options to choose from.
• Negotiation Opportunities: With homes taking longer to sell, there might be more room for negotiation on price and terms.

Conclusion

Montgomery’s real estate market is dynamic and full of opportunities for both buyers and sellers. Whether you're looking to sell your home at a great price or find your dream home before prices rise further, understanding these trends is crucial.

If you or someone you know is considering a move, now is a great time to explore your options. Feel free to reach out to me for personalized advice and insights tailored to your unique needs. Together, we can navigate this exciting market and make your real estate dreams a reality.

Stay informed, and happy house hunting!