Much of the Eastern Shore real estate market experienced rising median sale prices in August, according to the Long & Foster Real Estate Market Minute Report. Compared to August 2018, the median sale price of homes in Dorchester County jumped by 24%, followed by a 22% rise in Wicomico County.
The number of homes sold decreased across most parts of the region, except for Worcester County, which saw a 9% increase. Active inventory was up by 9% in Queen Anne’s County, but showed year-over-year declines in the other areas of the region.
In looking toward fall, Gary Scott, president of Long & Foster Real Estate, expects a solid market. “We’re experiencing incredibly low interest rates, a healthy rate of home price appreciation, full employment, a rising stock market and a large segment of millennials who desire homeownership and will try to achieve it,” Scott said.
He also talked further about mortgage rates, which are having an effect on the overall market since they remain the lowest they have been in a few years. “Many people who are thinking about buying now are doing so because rates are so low,” said Scott. “About 80% of mortgages in the United States have interest rates less than 5%. If the magic refinance number is 1% less than your current rate, the buy-now (and refi-now) trend will continue for a while.”