Long & Foster’s year-end market report details real estate trends
While trends affect the real estate market as a whole, each area experiences its own ups and downs. The Baltimore, Annapolis and Eastern Shore regions are no exception, with 2018 bringing varied results throughout Central Maryland and the Eastern Shore, in both the traditional and luxury markets.
As a whole, the number of homes for sale in the region declined 3.8 percent, although luxury inventory—that is, homes above $750,000—rose 8 percent, according to the Long & Foster | Christie’s International Real Estate 2018 Baltimore | Annapolis | Eastern Shore Region Market Report. While unit sales were down 3.7 percent for properties of all price-points, they increased 2 percent in the luxury market.
“For the coming year, we expect many of these trends to remain the same,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “The good news is that the U.S. economy continues to demonstrate growth, low unemployment and historically low interest rates, bringing homeownership in reach for many.”
In Central Maryland, the number of luxury properties sold rose by a modest 3.3 percent in 2018. Average monthly inventory of luxury homes for sale declined by 3.2 percent for the year, and the median sale price increased by 1 percent. The average marketing time dropped 2.1 percent to 94 days.
The luxury real estate market also remained steady in the Eastern Shore of Maryland throughout 2018, with units sold down by 1.7 percent and median sales prices down 0.7 percent. Average monthly inventory dropped by 1.7 percent compared to 2017, while the average days on market increased by 1.4 percent.
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.