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By Jennifer Riner, Trulia
While home buyers across the U.S. feel priced out of some markets, some counties near big metro areas offer affordable options. Although inventory is dropping in the starter-home segment, not all markets are responding with rising prices.
Take Montgomery County just north of Philadelphia. Within the starter-home segment, inventory is down 17.1% to 2,005 homes for sale compared to 2,418 starter-home listings last year. Nonetheless, average prices for entry-level homes actually dropped 0.5%. Although finding a starter home in Montgomery County might take longer, first-time buyers don’t have to worry about constrained inventory pushing prices out of their range.
For broader insight into the Montgomery County housing market, consider the following popular, desirable towns.
Currently, the median home-sale price in Gladwyne in $920,000 – with a high median rent of $4,500 per month. Trulia’s market trends reveal a 12% rise in year-over-year median sales price, equivalent to $100,000. But, not all homes in Gladwyne are getting steeper. Median sales price among three-bedroom homes in Gladwyne dropped 37.% – from $681,250 last year to $425,000 this year. If you’re searching for three-bedroom homes on a budget, Gladwyne is a great place to start your search.
While you might not be able to afford home-run hitter Ryan Howard’s home in Blue Bell, placing a down payment on a place nearby is feasible. Blue Bell’s median sales price is currently $450,000, down 4% year-over-year. Prices for one-bedroom homes in Blue Bell have dropped most significantly (50.9%) to reach an average of $170,950. At this time last year, the median sales price among one-bedroom homes was $348,000. Two-bedroom houses have also dropped, down by 33.9%, shifting to $200,825 from $303,750. Three-bedroom properties in Blue Bell were the only segment with a recent annual price increase (11.%), rising to $452,000 from a previous median sales price of $404,900. With the exception of three-bedroom homes, Blue Bell offers discounted prices for both first-time and seasoned home buyers.
Bryn Mawr PA Real Estate
On the surface, Bryn Mawr prices are on the rise. In fact, the median sales price shot up 27.4% year-over-year, growing to $696,095 from a previous $546,250. While the overall rise is steep, some homes in Bryn Mawr are becoming less expensive. Four-bedroom home prices in Bryn Mawr dropped 4.6% to reach $725,000 from $760,000. And, price per square foot in Bryn Mawr took a dive, down to $209. Last year, price per square foot was $227, indicating that buyers in Bryn Mawr are getting more home for less in 2016.
Whether you’re searching for your first home or upgrading to expand your living space, finding the right neighborhood is key. Don’t let a rising median price sway your decision. Often, demand fluctuates, which is financially beneficial when you’re searching for one of the less popular home sizes in any given area.