Montgomery area residential sales continue to lead Alabama's major metro market's, with a 21% increase in May 2012-2013. Montgomery also continues to lead Alabama's major metro markets in housing affordability, with an index of 286.0 for the first quarter 2013.
The statewide housing affordability index is calculated as the ratio of the state's actual median family income to the income needed to purchase and finance the state's median priced home. An index number of 100 means that a fmaily earingn the state's median income had just enough buying power to qualify for a loan. The higher the index number, the more affordable the housing.
The median selling price for Montgomery for may 2013 was $133,900. (Source: Alabama center for Real Estate)