Median sale prices and homes sold rose in the Baltimore region in February, according to the Long & Foster Real Estate Market Minute Report. The median sale price increased by 22% in Howard County, followed by 11% in Harford County.
The number of units sold was up by a significant 29% in Carroll County, followed by a 17% increase in Harford County.
Inventory continued on a downward trend across the region, and days on market ranged from 41 days in Howard County to 65 days in Baltimore City.
“Like many people in the country, we’ve been actively monitoring the developments around the coronavirus,” said Gary Scott, president of Long & Foster Real Estate. “It’s a constantly changing situation and although the long-term impact is not yet known, we do know some short-term opportunities have arisen for buyers and sellers.”
Mortgage interest rates are now at an all-time low – almost 1% lower than they were a year ago, which can increase a consumer’s buying power significantly. “While inventory continues to remain a significant challenge, our sales units and sales volume are up significantly during the first two months of this year, which we attribute to our low interest rate environment,” said Scott.
Scott added that real estate remains a solid investment with proven appreciation over time. “Homes increase in value nearly 5% per year nationwide,” said Scott. “In times of stock market downturns, consumers and investors will often put their money into the purchase of real estate as a safe haven from the volatile swings of the stock market.”