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

The monthly data from Montgomery paints a picture of gentle variation in the housing market. We can see the average property value peaked at $189,950 in November, only to gradually taper down to $175,450 by March of the following year. This dip represents a 7.6% decline. The cost per square foot has followed a similar pattern, stepping down from $102 to $95 – a 7.4% decline, providing a complementary metric to the overarching value trend.

Contrasting Montgomery’s market with its neighboring cities, we observe a starkly different behavior. For instance, the city of Hope Hull experienced a substantial surge, with average property values skyrocketing to $312,500 in one month, before correcting downwards. On a different note, Pike Road maintained a more expensive market profile throughout, with the average values consistently towering above the other cities, though they weren’t immune to fluctuations.

Current Values and Volumes in Montgomery, AL

As of March, Montgomery’s real estate stands at an average value of $175,450, with a price of $102 per square foot. A total of 200 properties were on the market, and the city saw a substantial number of transactions, with 1,689 properties being sold at an average sale price of $124,709. Interestingly, the average sold per square foot value stood at $76, implying that buyers may have snagged properties below the market average per square foot rate.

Comparison with Nearby Cities

A closer look at nearby cities provides a glimpse into regional value disparities and market volume. In Hope Hull, the average property commands a price of $250,000 and a per square foot rate of $97, yet with only one property on record, it suggests a limited market with a potential for high volatility.

Millbrook’s market is slightly less pricey with an average value of $209,950 at a more significant per square foot cost of $127, again offering a small inventory of 8 properties. The city notched up 111 properties sold, pointing to a vibrant sales activity despite a smaller number of listings.

Now, stepping into Pike Road, the top-tier pricing becomes apparent with an average value of $439,900 and an impressive $181.5 per square foot. Thirty properties were up for grabs, and with 80 sales, it indicates a healthy turnover, likely fueled by Pike Road’s desirable property attributes.

Lastly, Elmore’s average value stood at $169,000 with a per square foot value of $131; with only one property listed, it offers limited insights into market depth. Mathews, with an average value at a lofty $990,000 and a per square foot price of $136, displays a unique market position, perhaps indicative of luxury properties or spacious estates, yet with no sales data to delve into, it remains an enigma in the dataset.

The snapshot above gives us an intriguing overview of this segment of Alabama’s real estate. Each city demonstrates its market characteristics, with Montgomery maintaining a stable hub of activity, while its neighbors display varying degrees of market temperature ranging from hot surges in property values to luxurious, yet seemingly static, brackets.