Long & Foster’s year-end market report details real estate trends
In a year unlike any other, the initial shock and the lockdowns in the early days of the pandemic led to a slowdown in the real estate market, only to give way to a robust spring that continued for the remainder of the year.
Home sales throughout the region were 11% higher than in 2019, while luxury home sales ($750K+) outpaced the market with a 56% increase over the year prior, according to the Long & Foster | Christie’s International Real Estate 2020 Baltimore | Annapolis | Eastern Shore Region Market Report.
Housing inventory remained tight during the past year, with December inventory in the region dropping 56% below December 2019 figures. The high-end market also experienced a 27% decline in properties for sale. Although the number of homes for sale in the region declined, luxury properties priced at $5M and above rose a significant 400% higher than in 2019.
“Real estate shined as a bright star in the economy last year, and it set the foundation for a strong rebound this year,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “While the beginning of the pandemic saw the real estate market shudder, the strength of our business, combined with historic low interest rates and pent-up demand, shifted the direction upward – where we have remained ever since.”
In addition to highlighting major trends in the Baltimore and Eastern Shore regions, the report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family and townhomes) sold in individual neighborhoods, providing an in-depth analysis of the residential market. View the report in its entirety here.
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