Montco Housing Market Surges; Median Sales Price Increases 2.9 Percent from Prior Year

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Montgomery County Street
The Montgomery County Planning Commission’s report shows that the overall median house sales price of $278,500 reflected an increase of 2.9 percent in 2016.

The latest report on housing prices in Montgomery County provides a strong argument that the housing market has recovered from the housing bubble that began to burst in 2007.

The report, released by the Montgomery County Planning Commission, shows that the overall median sales price of $278,500 reflected an increase of 2.9 percent in 2016. A total of 11,441 homes were sold in the county last year, the most in the last nine years.

“This is a strong indicator that our economy in Montgomery County is growing and that the county is continuing to attract new residents each year,” said Dr. Valerie Arkoosh, Chair of the Montgomery County Board of Commissioners.

“This new report also indicates that Montgomery County continues to sustain a wonderful quality of life that makes it a desirable place to live, work, and play.”

The report also looks at housing in terms of existing and new units. The median sales price increased by a rate of 3.1 percent for existing units, which is the best gauge of actual home values.

The median sales price for new units — $448,524 — grew even higher with an increase of 14.2 percent as new construction continues to produce higher-value homes.

The report, which also highlights emerging trends in the county and provides data for each municipality, is available in MCPC’s online data portal at www.montcopa.org/planningdataportal.

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Top photo credit: Montgomery County Planning Commission Colorful houses on Hanover Street via photopin (license)

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