Montco Housing Market Hits 10 Year High, County Says

NORRISTOWN, PA — Amidst numerous new developments and growth from both the commercial and residential sectors, the Montgomery County real estate market is on a ten-year high, according to a study recently completed by the Montgomery County Planning Commission.

The new report shows that a total of 12,202 homes were sold in the county in 2017, more than in any year of the past ten. That reflects a 2.3 percent growth from the year before.

“The quality of life in Montgomery County, boosted by our parks and trails, great school districts, and welcoming communities, has catalyzed the recovery of our housing market,” Valerie Arkoosh, Chair, Montgomery County Board of Commissioners, said in a statement. “The desire to live in Montgomery County and participate in its growing economy is reflected by the data in this new report.”

The report found that the median price for existing apartments and homes increased by 2.2. percent, while the median price for new homes - $453,000 - increased by about one percent.

Officials said that the new construction underway across the county increases the value of both new and existing properties.

Meanwhile, the price for single family detached homes increased by 1.5 percent, while attached homes increased at a similar rate: 1.3 percent.

A final positive indicator pointed to in the report is the decrease in the total number of days which a home is on the market. That number has fallen by 13 days, just since 2016.

For the full report on the 2017 housing market, please see here.

Patch file photo