Long & Foster’s mid-year report details latest real estate trends
Across the Baltimore | Annapolis | Eastern Shore regions, sales of luxury homes – that is, properties above $750,000 – rose 9% in the first half of 2019, while the overall number of homes sold in the regions declined by 1.6% compared to the same period last year. Active inventory was down 6.7% for properties of all price-points, but the number of luxury homes for sale increased by a significant 14%, according to the Long & Foster | Christie’s International Real Estate 2019 Mid-Year Baltimore | Annapolis | Eastern Shore Region Market Report.
“Inventory is likely to remain a challenge toward the end of 2019, but the expert guidance of a Long & Foster | Christie’s agent can help you achieve success,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “With over 50 years of real estate experience, our team ranks as the No. 1 brokerage in the Baltimore metro area and on the Eastern Shore.”
In Central Maryland, luxury home sales increased by 9.3% year-to-date, while median sale prices grew by 2.3%. Average monthly inventory increased by 14.3%, and the days on market jumped by 9% to 73 days.
The luxury real estate market also remained steady in the Eastern Shore of Maryland, with units sold up by 10.6%. Average monthly inventory increased by 24.7% compared to the same period in 2018, while median sale prices decreased 3.5%. The average time properties spent on the market increased by 10.5%, selling slower than a year ago.
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.
For more information about Long & Foster, visit LongandFoster.com.