Montgomery was hit pretty hard during the financial crisis nearly a decade ago, but there have been vast improvements since then. Homeowners are no longer sitting with negative equity and there are more movements in the market. Montgomery wasn’t the only community taking a while to recover but it seems they are on the right path and Montgomery’s real estate market is looking good.
Prices in the region are continuing to see some growth over previous years and they are ahead of the national average. While price growth is ahead of the national average the median price of a single family home is not. The average price of a home in Montgomery sits at just under $140,000 making the area very affordable to new and first time home buyers. This affordability is helping millennials get on track for home ownership. With interest rates staying low there is expected to be a spike in sales.
The Local Economy
The growth of the economy at the national level has helped turn things around in Alabama but the local economy has been a better indicator of the real estate market. Unemployment rates in the area again are sitting better than the national average but local growth isn’t as good as it could be. Here is a closer look at the local real estate market in Montgomery, Alabama.
One of the best aspects of the Montgomery housing markets is the affordability. There is ample opportunity for investors to make some money here. There are almost 300 homes that are in the middle of the foreclosure process giving investors even better deals. Many of these properties will end up on the auction block giving cash investors a huge benefit. The average price of a foreclosure is 30% lower than the median price.
You can still find some amazing deals in some of Montgomery’s more popular neighborhoods. If you look at the Edgewood neighborhood it is experiencing revitalization and the prices are on the rise. While Edgewood isn’t the Garden District they have seen price increases of almost 20% so now is the time to buy.
For both the investor or the first time home owner there are some great deals to be found in Montgomery. The economy is doing well and home prices remain affordable. Find a great local realtor to work with and you could be getting the keys to your next property before you know it.