Montgomery Real Estate Ascends: Average Property Values Climb 4% from June 2023 to May 2024

Montgomery, AL real estate saw a 4% growth in average property value from June 2023 to May 2024, raising from $181k to $188.5k.

authorWritten by Manuel MartinezJun 13, 2024

Overview of Montgomery, AL Real Estate Trends (June 2023 – May 2024)

Over the span of a year, Montgomery, AL has witnessed a progressive increase in the average value of properties from $181,000 in June 2023 to $188,500 in May 2024, marking a growth of approximately 4%. This upward trend is reflected not only in the average property values but also in the price per square foot, which escalated from $91 in June 2023 to $101 by May 2024. Despite some natural fluctuations, these statistics suggest a strengthening real estate market in Montgomery.

In terms of the number of properties sold, there was a notable decrease from June 2023 to February 2024, followed by a substantial rally in May 2024. This pattern underscores a temporary lull in sales, succeeded by a robust recovery. Interestingly, the average sale price did experience a dip in April 2024, dropping to $133,623, but the price per square foot for sold properties has continued to rise overall, albeit with occasional declines.

See also: Montgomery Housing Market Sees 8% Dip in Property Values: A Comparative Analysis with Surrounding Cities

Comparing Montgomery with nearby locations, Pike Road evidently stands out with a consistently higher average property value reaching $389,950 in May 2024, and a price per square foot of $181, indicating a more costly market compared to Montgomery.

Montgomery’s neighboring city, Hope Hull, also demonstrated significant variability, showing an exceptional average property value in February 2024 at $312,500, which then sharply declined in subsequent months. This highlights a less stable market compared to Montgomery, which maintained more consistent growth.

Detailed Analysis of Current Real Estate Values and Volumes in Montgomery and Surrounding Areas (May 2024)

As of May 2024, Montgomery holds an average property value of $188,500 and a price per square foot of $101. The city experienced considerable property sales activity, with 1,869 properties sold at an average sale price of $151,303 and an average sale price per square foot of $91.

Housing Market Summary for Montgomery, AL

Here is how values compare when you look at May vs June of last year

Jun 2023 May 2024 Change
Median Listing Price $181K $188.5K 4.14%
Median Sold Price $140.1K $151.3K 8.01%
Homes For Sale 203 205 0.99%
Homes Sold 1,591 1,869 17.47%

In contrast, Hope Hull listed an average property value of $234,900 with a price per square percent also at $91, yet commanded a higher average sale price at $250,063 (approximately). Remarkably, the average sale price per square foot in Hope Hull peaked at $127, suggesting properties in this area likely offer unique or desirable features that command higher prices.

Pike Road, another notable city close to Montgomery, marked the average value of properties at a significantly higher rate of $389,950 with a distinctly higher price per square foot at $181. The average sale price in Pike Road was found to be $419,387 with a sale price per square virtual climbing to $161. This indicates a more premium segment of the market, likely characterized by luxury properties or more desirable locations.

Lesser-known areas such as Coosada and Ramer also displayed unique trends. Coosada, despite its high average property value at $444,950 and a price per square foot of $125, showed a much lower average sale price of $205,302 and an average sale price per square foot of $110. This kind of discrepancy can suggest a potential buyer’s market or a recent adjustment in property values. Ramer, a smaller market, reported an average property value of $195,000 with a price per square foot of $135, reflecting a moderately priced suburban environment conducive to residential real estate investment.

This examination underscores Montgomery as a steadily appreciating real estate market that is more affordable compared to its neighboring cities like Pike Road and Hope Hull, making it an appealing option for potential homebuyers seeking value and a positive market trajectory.

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