Baltimore experienced an increase in median sale price in parts of the region, according to the Long & Foster Real Estate Market Minute Report. The median sales price increased by 4% in both Baltimore and Carroll counties, followed by 2% in Harford County.

Active inventory decreased throughout the region, with Harford County experiencing a 17% decline, followed by Anne Arundel County with a 15% decline. The number of homes sold increased by 4% in Howard County while the remainder of the region saw declines.

The Long & Foster Real Estate Market Minute report for the Baltimore region includes Baltimore, Anne Arundel, Carroll, Howard and Harford counties and the city of Baltimore.

 

“It is going to be a solid fall market,” said Gary Scott, president of Long & Foster Real Estate. “We’re experiencing incredibly low interest rates, a healthy rate of home price appreciation, full employment, a rising stock market and a large segment of millennials who desire homeownership and will try to achieve it.”

Scott also talked further about mortgage rates, which are having an effect on the overall market since they remain the lowest they have been in a few years. “Many people who are thinking about buying now are doing so because rates are so low,” said Scott. “About 80% of mortgages in the United States have interest rates less than 5%. If the magic refinance number is 1% less than your current rate, the buy-now (and refi-now) trend will continue for a while.”

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.