While investors are purchasing homes throughout the nation, they are doing so less in Montgomery County than in the rest of the country, write Ashley Fahey and Ryan Mulligan for the Philadelphia Business Journal.
According to data by Redfin, which tracked how many homes were purchased by investors in 40 major metropolitan areas nationwide in the third quarter, investors had a record quarter with 90,215 bought homes worth a combined $63.6 billion.
Investors also made up 18.2 percent of housing sales over the same period, which is another record.
However, Montgomery County did not fall in line with the national trend.
In the third quarter, investors spent $202 million on 559 homes. That represents just 7.1 percent of homes purchased in the county and is the second-lowest share of the 40 markets that were analyzed.
Meanwhile, in the same quarter a year prior, just 5 percent of the houses were snatched up by investors in the county.
Overall, in the last few months, Montgomery County has seen a steady decrease in sales in its housing market. Year-over-year sales decreased 16.6 percent in October.
Read more about the investor housing market and the ups and downs of real estate in the Philadelphia Business Journal.