Montco Housing Market Hits 7 Year High, County Says

NORRISTOWN, PA -- The number of homes sold in 2015 in Montgomery County was the highest in the last seven years, the county announced in the results of a new study released Friday.

The analysis shows that while the median sales price showed only a small amount of growth, it was only the fourth increase in the last eight years since the 2008 housing market bubble burst, according to the release.

While the numbers were not of the blockbuster type, the continued increase in sales activity after the historically low totals could help drive housing prices up in the future, the new report on median housing prices released by the Montgomery County Planning Commission shows.

In all, the county said there were 10,489 homes sold in 2015 and the median sales price of those homes was $270,350.

Each of the three major housing types were very close to the 2014 median price, although the only increase in price was in single-family detached homes. Single-family attached and multifamily attached homes both declined slightly in 2015. The median price for all new homes built and sold in 2015 was $392, 733 – an increase of 0.9 percent, the county said.

While there were more new units being sold across all housing types, the level is still well below prerecession figures. The median price for new single-family detached homes increased by 0.7 percent to $450,356, and single-family attached homes rose nine percent to $350,708.

New townhome projects are being built at increasingly higher price points as the market draws potential buyers who cannot afford new single-family detached housing.

For the full report on “2015 Median Prices for Housing” please see here.