Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Montgomery County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,571 | $265,624 | $242,182 |
| Price Trend (Annual %) | 3.7% | 9.9% | 8.2% |
| Median Gross Rent | $753 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Montgomery County is about 42% lower than in North Carolina. Rent is about 35% lower than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Montgomery County, up about 3.7% and 4.4% a year respectively. Rent is changing faster.
Median rent in Montgomery County rose about 37.2% between 2015 and 2023, from $549 to $753. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Montgomery County.
Buying the median-priced home in Montgomery County costs roughly 17.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Montgomery County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Montgomery County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $153,571 | $265,624 | $242,182 |
| Median Household Income | $54,484 | $69,937 | $78,145 |
| Price-to-Income Ratio | 2.8 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Montgomery County fell about 16.2%, while median household income rose about 64.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Montgomery County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.4% | 57.7% | 58.2% |
| Rental Rate | 18.1% | 29.2% | 31.3% |
| Vacancy Rate | 32.5% | 13.0% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Montgomery County has a homeownership rate of 49.4%, lower than the North Carolina average of 57.7%. Its housing vacancy rate is 32.5%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Montgomery County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1979 | 1988 | 1978 |
| Median Number of Rooms | 5.1 | 5.6 | 5.5 |
The typical housing unit in Montgomery County was built around 1979. On average, 2.5 people live in a home with about 5.1 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Montgomery County, North Carolina.
What is the median home price in Montgomery County, North Carolina?
The median home price in Montgomery County, North Carolina is $153,571, lower than the North Carolina average of $265,624.
What is the average home price in Montgomery County, North Carolina?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Montgomery County, North Carolina?
The median gross rent in Montgomery County, North Carolina is $753 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Montgomery County in 2020?
In 2020, the median gross rent in Montgomery County, North Carolina was $584 per month.
What is the price-to-rent ratio in Montgomery County, North Carolina?
The price-to-rent ratio in Montgomery County, North Carolina is about 17.0, meaning it would take roughly 17.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Montgomery County.
Are home prices or rent rising faster in Montgomery County, North Carolina?
Both home prices and rent are rising in Montgomery County, up about 3.7% and 4.4% a year respectively. Rent is changing faster.
What is the homeownership rate in Montgomery County, North Carolina?
49.4% of households in Montgomery County, North Carolina own their home, lower than the North Carolina average of 57.7%.
What is the vacancy rate in Montgomery County, North Carolina?
The housing vacancy rate in Montgomery County, North Carolina is 32.5%, higher than the North Carolina average of 13.0%.