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January 22, 2020

January 2020 Real Estate Market Update

The near year is here, which is great news for home sellers and home buyers who are looking for the market to get active again in the coming months. Where are you in your home buying or selling process? December 2019 was a good month in the Baltimore area, but January has been off to a robust start. I anticipate that the market will start picking up again soon thanks to the beneficial mortgage interest rates. For more insight and customized projections on the value of your property or how much purchasing power you have, please contact Dan Cohen Homes today.

 

December 2019 Real Estate Market Statistics

 

December 2019 was a good month for the Baltimore area real estate market. In December 2019, there were 513 home sales closed in the Baltimore area. Many new homeowners and moving homeowners were home for the holidays thanks to these great numbers!  Across suburban Maryland and the greater Baltimore area, with only one exception, the region experienced an uptick in homes sold ranging from 11% to 32%. Home sale prices also rose, with Montgomery County having the biggest increase.

 

Buying & Selling in January 2020

 

  • Across the state, inventory has been trending downward despite the strong economy and low mortgage rates. While home buyers are plentiful, there aren’t enough homes to buy, which means that buyers should be prepared to secure financing in advance and compete with other interested buyers.
  • The market in 2020 is expected to improve over 2019, when many homebuyers were uncertain about the global market. Thanks to very low mortgage rates, many prospective home buyers are feeling more confident about investing in a home this year.
  • Affordability in the Baltimore metropolitan area is much better than in other competitive housing markets, like San Francisco, Boston, San Diego or New York. The median price of homes for sale in Baltimore is expected to only be 7.6% above the median home price nationally, which is much more competitive than other cities.

 

Partner with Dan Cohen Homes

 

To learn more about our investment options if you’re looking to sell your home or interested in property investment, please contact Dan Cohen Homes today.

January 22, 2020