What has the real estate market been like so far this year?
Nationally, home prices are expected to keep rising, albeit more slowly— 3.5% in 2017, vs. 4.5% in 2016, per Moody’s Analytics projections. But even more so than in recent years, your position is now going to hinge on what and where you’re buying or selling.
Let’s take a look at some of the recent trends in different areas, as well as Maryland as a whole
Prince George’s County is a regional hot spot – Interest in this region has increased due to affordability. In the first 9 months of 2017, the year-to-date closed sales in the county rose from 8% compared to the same period in the year prior. The largest number of sales has been large, single-family homes with an average price of $318,157. 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.
Howard and Anne Arundel Counties are heating up – Right now, many of the hottest markets can be found in Howard County in Laurel and Columbia area. Anne Arundel County markets like Annapolis, Severna Park, and Pasadena area are heating up as more people want equal distance between Baltimore and DC. Good school ratings is a huge contributing factor to families moving to these areas. Zillow.com reports that Annapolis has a median home value of $407,000 and a median list price per square foot of $273.
Here are the top 10 cities (YTD units sold vs 2016):
- Baltimore City
- Silver Spring
- Upper Marlboro
Top 10 cities (YTD Median sales price increase with more than 100 units sold)
- Joppa +17.2%
- Rosedale +14.3%
- Elkton +14%
- Essex +12.5%
- Upper Marlboro +11.6%
- Damascus +10.2%
- Owings Mills +10%
- Lanham +9.6%
- Mount Airy +9.2%
- Forest Hill +8.7%