Restart Montco - Housing Market Impacts
how Resilient Will the housing market in Montgomery County Remain in the Face of Pandemic and Recession?
In 2019, Montgomery County experienced the most new housing units built since 2005. Despite this surge of newly constructed units, the number of existing homes for sale was continuing its years-long decline amid historically low interest rates and growth in millennial buyers. With the current pandemic, the low inventory of homes for sale is being driven even lower by the seller’s apprehension to list and the buyer’s fear of in-person showings. In general, there have been enough buyers still looking for homes that prices have not declined. In fact, in many areas they have increased. However, given wider economic uncertainty and the fear of a deeper recession, it remains to be seen whether the housing market can remain resilient. The following resources highlight the different opinions regarding where the housing market may go in terms of supply and affordability.
- Montgomery County 2019 Housing Units Built
This dashboard constitutes part of the picture of the local housing market before the pandemic by discussing the number of new units built in 2019.
- Montgomery County 2019 Median Prices for Housing
This dashboard constitutes another part of the picture of the local housing market before the pandemic by discussing the median price of homes sold in 2019.
- 2020 Housing Market Predictions – COVID-19 Update
This brief from realtor.com discusses the state of the market, broken down by different groups such as buyers and sellers, as well as the potential directions the market may take.
- Home Sales Are Booming in Philadelphia Market Despite COVID-19 Pandemic
This article describes the conditions of and contributing factors toward the current Philadelphia region's property market.
- The PA Real Estate Market Is Thriving Post-Lockdown: ‘Now Is the Time to Sell’.
This article discusses the Pennsylvania property market and how suburban listings are selling faster than before the pandemic.
- Amid Coronavirus, Median Home Prices Rose in Region.
This article discusses the suburban Philadelphia property market and how the number of days on the market for a listing is declining fast.
- Existing Home Sales Rebound Strongly in June from Pandemic-Fueled Lows — But Will the Recovery Be Sustainable in the Long Term?
This article describes possible paths the national housing market may take now and beyond the pandemic.
- Could COVID-19 Become a Driving Force of Millennial Homeownership?
This opinion piece posits that millennials will drive home sales higher as they seek stability and safety.
- An already depressed supply of homes and record-low interest rates have led to a rapid rebound in housing sales post-lockdown.
- The Philadelphia region and housing market has rebounded faster than many other parts of the nation, driven by both local and out of state buyers seeking affordability.
- There are varying opinions on the sustainability of the current market and dynamics given the ongoing threat of unemployment and the expiration of pandemic-related mortgage forbearance.