Whether you’re interested in buying or selling a home in Maryland, or looking for real estate bartering opportunities with a corporate trade company such as Sherwood Integrated Solutions, it’s important to keep up with trends. What has the real estate market been like over the past year?
Let’s take a look at some of the recent trends in different areas, as well as the state of the real estate market in Maryland as a whole:
Home values are increasing – The median value for a home in The Old Line State is $262,200. Home values have increased by 3.5% over the past several months, and are predicted to rise 2.4% within the next year. 1:1 homes are foreclosed in Maryland (per 10,000), and 0.2% of MD homeowners are underwater on their mortgage.
Prince George’s County is a regional hot spot – Interest in this region has increased due to affordability. In the first three months of 2016, the year-to-date closed sales in the county rose from 12.5% compared to the same period in the year prior. The largest number of sales has been large, single-family homes in the $200,000 – $300,000 range. According to Homes.com, prices are now “plateauing a bit”. The Westphalia area is among the largest new home developments in the county, with townhouses offered by Ryan Homes, Mid-Atlantic Builders, and Haverford Homes. Planning and construction are underway for new neighborhoods in Upper Marlboro and Glenarden.
There’s a strong seller’s market in Montgomery County – Sellers who can price their homes at less than $1,000,000 have the upper hand. The market in areas such as North Bethesda and Chevy Chase is slower for homes priced $1,000,000 and up. In fall 2016, the average number of days a home spent on the market in Montgomery County stayed below 60. The submarkets in neighborhoods close to the District are driven by highly-rated schools.
Howard and Anne Arundel Counties are heating up – Right now, many of the hottest markets can be found in Howard County or near the Annapolis area, as more people want equal distance between Baltimore and DC. Good schools are also a huge contributing factor to families moving to these areas. Zillow.com reports that Annapolis has a median home value of $394,500 and a median list price per square foot of $260.
Baltimore market is experiencing subtle growth – The city is continuing its rebound from the housing recession. While the prices are continuing to grow relative to last year, the median price in the real estate market currently sits at $229,200, which is above the national average of $215,767. New housing construction rates and unemployment are expected to play a role during the remainder of 2016.
Apartment conversions in Baltimore from historic buildings are increasing – Since 2015, developers have been converting historic buildings in the downtown area into amenity-laden apartments. One of the more notable projects, the 10 Light, has been under redevelopment as a 445-unit apartment complex by Metropolitan Partnership Ltd. This trend may be an opportunity for businesses looking for commercial real estate solutions with a barter company.
If you want to make a move to MD, these areas are all prospering right now. For commercial urban investments, Baltimore is the city to look into.