The number of homes sold surged upward throughout the suburban Maryland region in September, according to the latest Long & Foster Real Estate Market Minute Report. Charles County enjoyed the highest growth with a 17% rise, followed by Frederick County with a 7% increase.
Median sale prices took an upward hike throughout most of the region, except in Frederick County which displayed a 2% decrease. Everywhere else had increases ranging from 1% in Montgomery County to 7% in Prince George’s County. Inventory continued to decline, while days on market varied from 32 days to 41 days.
When looking at the real estate market from September, the president of Long & Foster Real Estate, Larry “Boomer” Foster, said, “It’s a lot of the same story in most areas, including the suburban Maryland region. Home prices are appreciating and inventory continues to contract.”
Foster mentioned that days on market are starting to climb upwards, which is normal for this time of the year. As the fall market comes to a close Foster expects “days on market to increase and if the market corrects a little bit we’ll see some home price appreciation.”
The 30-year fixed rate fell to its lowest levels in a month in early October, so many people are “coming out of the woodwork to refinance to take advantage of the low interest rates,” Foster said. When interest rates climbed up end of last year, they were expected to continue their upward trend, however with so much money flowing into U.S. Treasury bonds, there was downward pressure on the 30-year fixed rate.
First-time homebuyers should be aware that they’re “operating in a space where there’s a lot of demand and not a lot of inventory,” Foster cautions. In the entry-level space it’s a seller’s market, so homebuyers need to come in strong and well-represented. Since real estate is so hyperlocal, it’s important to have a quality Long & Foster real estate agent who will help write a strong offer and “talk consumers through what the demand is and what the competition is like.”