Montgomery, Illinois Real Estate Market: A 12-Month Retrospective

The Montgomery, Illinois real estate market has seen significant shifts over the past 12 months, reflected in the decrease in new listings and closed sales, increase in home inventory, and rise in average sales price. Let's take a closer look at the nuances of these trends and what they mean for buyers and sellers in the Montgomery housing market.

Dynamics in Listings and Sales

New listings in Montgomery have decreased by 25.9% over the last year, limiting the number of properties available to buyers. In tandem with this, closed sales have also dropped, down by 31.3%. While these decreases might suggest a slowing market, other factors are at play in the Montgomery real estate market that warrant attention.

Inventory and Price Trends

Uniquely, home inventory in Montgomery has increased over the past year, up by 10.3%. This diverges from the trends we've seen in many other markets and provides an interesting dynamic to Montgomery's real estate landscape. As of the end of April, there were 32 single family homes for sale in the entire Montgomery market.

The average sales price has seen a modest increase, rising from $252,000 to $275,000 — a 5% uptick. This price growth, although not as dramatic as in some nearby markets, is still a positive sign for property values in Montgomery. Despite the decrease in closed sales, properties are still averaging over list price, highlighting a continuing demand in the market.

Implications for Buyers and Sellers

For buyers, the increase in home inventory in Montgomery could provide more options and a little less competition than in tighter markets. However, with prices still on the rise and properties selling over list price, buyers will need to remain competitive and ready to move quickly.

For sellers, the market remains favorable despite the decrease in closed sales. With average sales prices increasing and demand remaining strong — as evidenced by sales over list price — potential sellers have the opportunity to achieve good returns on their properties.

As we progress through 2023, these trends in the Montgomery real estate market will continue to evolve. Despite some decreases, the market's resilience and increasing property values underline Montgomery's enduring appeal. Stay informed, flexible, and prepared for changing market conditions, whether you're looking to buy or sell. For the most up-to-date news and insights on the Montgomery real estate market, continue to follow our blog.