Real Estate Market Update: June 19, 2020

June 19, 2020

The spring real estate market is approaching full speed. With states reopening across the Mid-Atlantic and Northeast, we’re seeing more buyers on the search for a new place to live and sellers listing their homes. Mortgage rates have hit all-time lows, giving many buyers more purchasing power, and with limited inventory, sellers have increased opportunities for maximum returns on their investments.

Here are a few of the trends in real estate this past week.

Inventory remains down. The number of homes for sale, as well as those that are coming soon and temporarily off the market, has been flat the past few weeks, but it went down about 5%.

New listings are off slightly year-over-year. While the weather and the market are warming up, there weren’t as many new listings this past week.

More homes went under contract. Compared to this same time last year, there were 9.6% more new contracts on properties, and showing activity is up significantly.

If you’re thinking about selling or buying, a Long & Foster real estate agent will be happy to answer any questions and walk you through the virtual real estate process the company has in place.