Auditor Keith says Montgomery County real estate market is “back on track”
Overall property values to increase 4.5% across the county, residential values to increase 6.3%
FOR IMMEDIATE RELEASE
Date: July 13, 2017
Contact: Mike Brill/Samantha Moore
Montgomery County Auditor Karl Keith described the county real estate market as “back on track” when he announced the countywide results of his 2017 Triennial property value update on July 13 at the Montgomery County administration building.
Keith said Montgomery County will experience a 4.5 percent increase in property values. Residential values in the county have increased 6.3 percent, while commercial values, on aggregate, have remained flat. Montgomery County property values will increase by a total of $1.2 billion.
“Montgomery County is witnessing a historic moment,” said Keith. “This is the largest countywide increase in property values since 2005.”
These changes are based on a total of nearly 17,000 valid real estate sales in Montgomery County from 2014-2016, which was a 53% increase of valid sales from the previous three-year cycle.
This data shows the local real estate economy is improving and is indicative of growth in the county, according to Keith. However, that growth has manifested itself differently in various areas. Since the changes in each of the more than 1200 neighborhoods in the county are based off sales factors in each specific neighborhood, the amount of value change will vary by community and by neighborhood within each community, Keith said.
“The real estate market is improving as the local economy rebounds from the Great Recession,” said Keith. “We are back on track and homeowners are finally recovering the value of their most important asset.”
Keith noted that while not all neighborhoods will increase in value, the amount of decrease in many neighborhoods is leveling out. The real estate market is regaining ground. In 2014, more than 70% of residential properties decreased in value. This year more than 60% of residential properties will increase in value.
Property owners will receive a notice of their tentative new value in the mail the week of July 24.