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Where Is the Housing Market Headed for the Rest of 2020?

For months now the vast majority of Americans have been asking the same question: When will the economy turn around? Many experts have been saying the housing market will lead the way to a recovery, and today we’re seeing signs of that coming to light. Maryland interest rates declined again last month giving buyers more financial leverage. Motivated buyers are beginning to scoop up properties as average home prices inched forward on high demand. As homes close faster than ever — many boast multiple offer situations! Here’s how the Housing Market is growing:

Metro Home Prices Rise:

  • Metro area home prices achieved a new all-time high. Both detached ($379.9K, +1.3%) and attached units overall ($240.0K, +0.4%) closed at their best prices in ten years.

County Home Sale Prices Rise:

  • Baltimore County median sales prices hit a new decade high, as single-family ($330.0K) homes sold at 5.8% above last June. Owings Mills detached unit sales prices ($415.0K) improved by 26.7%.
  • Howard County’s closing prices rose to a June ten-year high, as attached homes sold for $353.7K (up 7.2%), the best in a decade. Attached units in Columbia closed for a median price of $315.0K (+8.4%).
  • Anne Arundel County achieved a new record in monthly pending home sales for overall homes, single-family homes, and co-ops. Glen Burnie (204) boasted a 41.7% improvement from last June.

The housing market is forecasted to finish the year off with growing strength. If you’re thinking of buying or selling a home, let’s connect to maximize your opportunities in this market.

Data provided by Bright MLS.

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