Fall Trends In Maryland Real Estate
Annapolis Maryland is a hot spot for real estate. In fact, it is one of the hottest areas in Maryland real estate and it is no wonder. The city sits within a short distance for the nation's capital making it perfect for those that need to be near the capital.
As a result, this market area of Maryland real estate is fiercely competitive. There is a low availability of homes, and a larger number of buyers than sellers. The market trend is increasing and home are going so fast they are spending no more than a month on the market. Part of this is because the interest rates are at all time low bringing this area into a more affordable range. The average price of a home is around $315,000, which is up from last year. Because of the competition in this area of Maryland real estate, expect to pay the full asking price on any property. The greatest activity can be found among all buyer levels, first time, move up and repeats, as well as single family, townhouses, and condominiums.
Gaithersburg is another Maryland real estate market you should consider if you need to be near Washington D.C as it is the nearest metro area to this location. If you are looking for a home you may find better luck here than in Annapolis. There is a good supply of homes available, but homes are maintaining their on the market status for between 60 and 90 days. However, the market trend is decreasing. The other unfortunate note for some is the fact the average home price in his area is a solid $400,000 dollars making it difficult for lower income or new time buyers; however, the price of homes is down between 5 and 10% from last year. Sellers in this area of Maryland real estate are receiving somewhere between 95% and 100% of the asking price initially set for the home. Single-family homes hold the greatest activity and the increasing positive trend in the economy is what is driving the market.
If you are looking for an area of Maryland real estate that is near to Washington D.C. and Alexandria then you may want to consider Clinton. Housing prices are on average $216,000 making it more affordable for first time buyers; the trend is increasing with more buyers than sellers looking. This leads to multiple offers and homes sitting on the market for less than a month. Compared to last year these numbers are up a solid 5%. Sellers are receiving somewhere between 95 and 100% of the initial asking price. The drive behind this market currently is the positive economy turn of the area with single-family homes holding the greatest activity.
These areas of Maryland real estate are perfect for anyone who wants to enjoy being near the capital. These areas are also perfect for people who are going to be working in the capital or working in the surrounding area.
