Montco is the Place to Live: Montgomery County Housing Market Caps Another Strong Year Despite Pandemic
Montgomery County recorded another strong year for the housing market despite the ongoing pandemic with growing home sales prices and a reduced number of days on the market, writes Kennedy Rose for the Philadelphia Business Journal.
A new analysis from MarketStats by ShowingTime based on Bright MLS listing activity shows that the housing market for the entire Philadelphia region had a good year, posting an increase in the median sales price of 10.8 percent year-over-year to $271,500.
The contributing factors include high buyer demand and low inventory, as well as record-low interest rates. Inventory in the region was down 8.2 percent compared to the previous year.
This created a competitive market that reduced the median number of days homes stayed on the market to 15.
In Montgomery County, these factors drove the median home price to $332,300 for 2020, which is an increase of 9.7 percent compared to the previous year.
There were 11,396 closed sales in 2020 in the county, while the number of days a house spent on the market fell to 10 days compared to 18 in 2019.
Read more about the local housing market at the Philadelphia Business Journal by clicking here.
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