Units sold and median sale prices both appreciated throughout the Suburban Maryland region in July, according to the Long & Foster Real Estate Market Minute Report. Though Prince George’s County had an 11% decline in units sold, the rest of the region had increases with Frederick County having the largest rise of 28%. Median sale prices had inclines ranging from 5% in Frederick County to 13% in Charles County. Inventory continued to decline across the region, while days on market remained low, with most homes selling within a month.
“Units sold are up in the Maryland Suburban region, even though inventory remains low,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. This is a sign of the high demand for housing, especially as most homes are sold within a relatively short time period.
The housing market is strong despite the current economic climate and purchasing power has never been better. There is no significant risk of a foreclosure crisis as the people who own homes have large amounts of equity in it, unlike in the past economic recession.
At the beginning of the year, there was a trend of people moving away from the city in favor of the suburbs or exburbs. This trend is still going strong, as the pandemic continues to entice people to be in areas with more space and privacy. This is especially apparent in the rise of vacation rentals in the later summer months. As people grow tired of their current living situation, they are venturing out to vacation rentals nearby for a change of scenery. While the housing market is strong in suburban areas, cities offer many conveniences that will draw people back in once the pandemic is over.