Montgomery County Pennsylvania Median Prices for Housing 2011
Overall Introduction In 2011, Montgomery County had 7,525 market rate sales of homes, with a median sales price of $260,000. A price decrease of 1.9% in one year. New Homes The median price for new homes in 2011 was $321,540, a decrease of 6.3% from the previous year. Existing Homes The median price for existing homes in 2011 was $250,000, down from $255,000 the previous year. Housing Types All three housing types (Detached, Attached, and Multifamily) decreased overall.
Median Housing Prices and Number of Sales All Units 2010 2011 Median 2009-2010 Number Median 2010-2011 Number Price % Change of Sales Price % Change of Sales All Types $265,000 4.7% 8,123 $260,000-1.9% 7,525 SFD $309,000 4.0% 5,029 $299,950-2.9% 4,714 SFA $220,495 2.6% 2,506 $216,700-1.7% 2,315 MF $175,000 4.6% 585 $161,000-8.0% 493
Median Housing Prices 2002-2011 by Type $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 All Types SFD SFA MF
Median Housing Prices 2002-2011 by Type, Adjusted for Inflation 2011 Dollars $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 All Types SFD SFA MF
Number of Market Rate Sales, All Units 2002-2011 by Type 18,000 16,000 14,000 12,000 Units 10,000 8,000 All Types SFD SFA MF 6,000 4,000 2,000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Median Housing Prices and Number of Sales New Units 2010 2011 Median 2009-2010 Number Median 2010-2011 Number Price % Change of Sales Price % Change of Sales All Types $343,000-1.6% 903 $321,540-6.3% 847 SFD $414,535-4.7% 416 $433,334 4.5% 315 SFA $309,950 3.3% 339 $299,878-3.2% 410 MF $274,900-0.4% 148 $238,945-13.1% 122
New Units Median Housing Prices, 2002-2011 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 All Types SFD SFA MF 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Number of Market Rate Sales - New Units 2002-2011 by Type 3,000 2,500 2,000 Units 1,500 All Types SFD SFA MF 1,000 500 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
New Single Family Attached and Multifamily Units Sold as a Percent of Total New Units Sold, 2002 2011 65% 60% Percent of Total Units Sold 55% 50% 45% 40% 35% 30% 25% 20% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Year
Median Housing Prices and Number of Sales Existing Units 2010 2011 Median 2009-2010 Number Median 2010-2011 Number Price % Change of Sales Price % Change of Sales All Types $255,000 4.1% 7,220 $250,000-2.0% 6,678 SFD $300,000 4.5% 4,613 $290,000-3.3% 4,399 SFA $213,000 2.9% 2,167 $204,000-4.2% 1,905 MF $158,000-0.6% 437 $145,000-8.2% 371
Comparative Data National Median sales price for existing single family homes was $166,200 nationwide in 2011, a decrease of 4%. Philadelphia Region The median sales price for existing homes declined 2.2% to $210,100 in 2011. Source: National Association of Realtors County 2011 Median 2010-2011 % Change County Comparison in Southeast PA Source: Prudential Fox & Roach, HomExpert Market Report Bucks Chester Delaware Montgomery $261,000 $292,056 $200,000 $245,000-6.8% -2.6% 2.6% -5.4% Philadelphia $133,000-5.8%
Housing Affordability 4 Person Family Area Affordable Percent of Transactions Median House Affordable Income Value All Units New Units 10% Down Payment $80,400 $278,100 56% 33% 20% Down Payment $80,400 $319,800 67% 49% 2 Person Family Area Affordable Percent of Transactions Median House Affordable Income Value All Units New Units 10% Down Payment $64,400 $222,800 37% 15% 20% Down Payment $64,400 $256,200 49% 24%
Ten Most Expensive Median Home Prices by Municipality MARLBOROUGH (5) 476 SALFORD (8) WORCESTER (4) 309 tu 202 GWYNEDD (3) WHITPAIN (10) UPPER DUBLIN (10) 276 BRYN ATHYN (1) MORELAND (6) 611 WHITEMARSH (9) 100 tu 422 76 MERION (2) NARBERTH (6) 1. Bryn Athyn $475,000 6. Lower Moreland 2. Lower Merion $475,000 6. Narberth $355,000 3. Lower Gwynedd $410,000 8. Lower Salford $346,500 4. Worcester $389,690 9. Whitemarsh $339,500 5. Marlborough $356,423 10. Upper Dublin $330,000 10. Whitpain $330,000 476 $355,000
SFD Most Expensive Median Home Prices 476 MONTGOMERY (9) 309 BRYN ATHYN (4) SALFORD (5) SKIPPACK (10) WORCESTER (2) GWYNEDD (3) tu 202 WHITPAIN (7) 276 611 100 tu 422 UPPER PROVIDENCE (6) MERION (1) 76 NARBERTH (8) 476 1. Lower Merion 2. Worcester 3. Lower Gwynedd $570,500 $542,500 $530,000
SFA Most Expensive Median Home Prices HATFIELD BORO MONTGOMERY (5) 476 309 (8) 276 UPPER GWYNEDD (9) GWYNEDD (3) 611 WORCESTER (1) tu 202 WHITEMARSH (4) PLYMOUTH (2) SPRINGFIELD (10) 100 tu 422 MERION (6) 76 NARBERTH (7) 476 1. Worcester 2. Plymouth 3. Lower Gwynedd $335,378 $308,475 $295,500
Ten Most Affordable Median Home Prices by Municipality EAST GREENVILLE (5) RED HILL (6) 476 309 276 611 FREDERICK (9) tu 202 SCHWENKSVILLE (3) 100 POTTSGROVE (10) POTTSTOWN (1) tu 422 ROYERSFORD (7) NORRISTOWN (2) BRIDGEPORT (8) 76 WEST POTTSGROVE (4) 1. Pottstown $117,000 6. Red Hill` 476 $175,750 2. Norristown $121,000 7. Royersford $180,000 3. Schwenksville $125,000 8. Bridgeport $182,500 4. West Pottsgrove $135,000 9. Lower Frederick $183,950 5. East Greenville $139,000 10. Lower Pottsgrove $184,000
Conclusion In 2011, median housing prices decreased overall, as well as in each housing type category. This reverses the optimistic signs we saw a year ago and shows that the housing market is still struggling to recover. The median sales price is lower than what it was in 2005, but still shows a gain over the last ten years, even when adjusting for inflation. Total transactions declined to the lowest point this decade. Prices on new units sold have been dropping as developers have been building smaller and more dense housing types. The rate of change in 2011 median prices for Montgomery County compares favorably to the national rate, but less so within the Greater Philadelphia region. Most Expensive Median Prices - Most Affordable Bryn Athyn Lower Merion Lower Gwynedd Pottstown Norristown Schwenksville