Metropolitan Statistical Area (MSA):
Montgomery, AL is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the real estate market in the Montgomery, AL metropolitan statistical area (MSA) is booming. The combination of low interest rates and a strong economy has resulted in increased demand for both new and existing homes. This has led to rising prices and a shortage of inventory, especially in the lower price ranges.
The median home price in the MSA was $169,000 in 2017, up from $157,000 the previous year. This trend is expected to continue as more people relocate to the area for work or retirement. The strong job market is attracting young professionals, while retirees are drawn to the mild climate and southern hospitality.
Investors are also taking notice of the Montgomery real estate market. With prices on the rise, they are snapping up properties as rental investments or future flips. The demand for rentals is high, as there are not enough houses available for sale to meet the needs of all buyers.
If you are thinking of buying a home in Montgomery or investing in its real estate market, now is a good time to do so. Prices are expected to continue to rise as demand remains strong. However, be prepared for competition from other buyers who are also looking to take advantage of this hot market.