The median sale price and number of units sold increased in parts of the Maryland Eastern Shore real estate market in February, according to Long & Foster Real Estate’s Market Minute Report.
Wicomico County experienced a significant 48% increase in median sale price, followed by a 12% increase in Dorchester County. The number of units sold also saw an upward trend of 32% in Talbot County, followed by increases of 27% in Dorchester County and a 20% in Worcester County. Inventory continued to decline across the region with the exception of Queen Anne’s County, which exhibited no change.
“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.”