As we close out 2024, the Montgomery Township real estate market has seen notable shifts across single-family homes, townhouses/condos, and adult communities. Let’s break down the key trends and what they mean for buyers and sellers.
Single-Family Homes
The market for single-family homes remains strong, with significant price appreciation despite longer days on the market:
- New Listings: Increased by 18.1% year-over-year (228 vs. 193 in 2023), indicating more sellers entering the market.
- Closed Sales: Up 9.9%, showing steady buyer demand.
- Days on Market: Increased to 30 days (from 27), signaling slightly longer selling times.
- Median Sales Price: Up 3.6% to $999,999, showing continued price growth.
- List Price Received: Sellers received 103.6% of asking price on average, slightly higher than last year.
- Inventory: Down 12.5%, with only 1.4 months’ supply, making it a strong seller’s market.
Key Takeaway:
While prices are still rising, homes are taking slightly longer to sell. With low inventory, it remains a competitive market for buyers.
Townhouses & Condos
The townhouse/condo market presents a mixed picture:
- New Listings: Stayed flat at 67 compared to last year.
- Closed Sales: Dropped by 4.8% (59 vs. 62), indicating slightly lower buyer activity.
- Days on Market: Increased by 61.1% to 29 days, meaning units are taking longer to sell.
- Median Sales Price: Jumped 16.3% to $630,000, reflecting strong appreciation.
- List Price Received: Declined to 103.2% (from 105.9%), but still above asking price.
- Inventory: Increased 40%, giving buyers more choices.
Key Takeaway:
Despite fewer closed sales, price growth remains strong, and increased inventory may offer more opportunities for buyers.
Adult Communities
This segment of the market has seen significant growth in median prices:
- New Listings: Up 40% (7 vs. 5).
- Closed Sales: Up 20% (6 vs. 5).
- Days on Market: Increased to 28 days (from 21).
- Median Sales Price: Surged 20.5% to $846,000.
- List Price Received: Rose to 102.8% (from 99.6%).
Key Takeaway:
Adult community homes are appreciating rapidly, and demand is increasing, but buyers are taking slightly longer to commit.
Overall Market Outlook
Sellers: With prices still rising and inventory low, it remains a great time to sell, especially for single-family homes.
Buyers: While competition is strong, increasing listings in some segments may create more opportunities.
As we move into 2025, Montgomery Township remains a competitive and dynamic market. If you’re thinking about buying or selling, now is the time to strategize!
📞 Let’s Talk Real Estate!
If you’re looking to buy, sell, or just want to understand how the market impacts your home’s value, I’d love to help!
📍 Diana Andes
📱 908-812-1816
📧 dliaoandes@gmail.com
📲 Follow me on Instagram: @diana.housemadehome
Let’s make 2025 the year you achieve your real estate goals!
