Many potential homebuyers will consider buying a foreclosed home because conventional wisdom says they will be able to purchase a home at a discount. Yet are foreclosures in Montgomery County sold at a reduced price?
When looking at the median sales price, Montgomery County foreclosures are sold 41% less than the average non-distressed home (not a foreclosure or short sale.) According by RealtyTrac, the nation’s largest foreclosure reporting firm, in September of 2013, the median sale price of a non-distressed home in Montgomery County was $390,000; while the median sales price of a foreclosure in the county was $275,100; a 41.2% reduction or $179,250.
While quite a reduction, it’s actually down 0.8% from August 2013, however it’s more of a discount than the entire state of Maryland as a whole (38.5%.)
To find foreclosures listed for sale in Montgomery County and throughout Maryland or any home listed for sale in any Maryland county, visit http://www.marylandproperties4sale.com/Montgomery/ .