While some Marylanders entered stage 1 of reopening back in mid-May, other more populated areas like Baltimore City did not do so until early June. Naturally, the gradual reopening in some areas paired with a strict shutdown in others led to some mixed results as far as the real estate market goes. Ultimately, amidst a time in which headlines are not always so encouraging, there are still plenty of glimmers of hope for Maryland’s housing market. The bottom line? In early June, all Maryland counties have entered at least stage 1 of reopening, and we look forward to seeing the market strengthen with each step we make toward restoring normalcy.
May 2020 Real Estate Market Statistics
May 2020 was yet another unique month in the world of Maryland real estate. Home sales ultimately sank to their lowest we’ve seen during the COVID-19 pandemic. To put it into perspective, home sales fell more than 24% compared to May of 2019. Luckily, all of the deficiencies in the current market are linked to the pandemic. As we continue to distance ourselves from it, the market will only start to improve. In the meantime, buyers will have some time to take advantage of excellent deals. That’s because of the record low interest rates we began to notice back in late May. Homes are staying on the market for extraordinarily short periods of time at the moment as a result. In other promising news, new pending home sales increased by 43% from April, marking the largest jump in a decade. Clearly, the market is starting to shape back up.
June 2020 Real Estate Market
Back in May, experts began to predict that restrictions would start to ease in Maryland throughout May and June. So far, this has been completely accurate. At the time of our last update, certain counties had only just begun the reopening process. Now that we are a bit further along in the process, I expect the month of June to be one of growth for the real estate market. At the very minimum, we can be sure that homes will continue to sell quickly and at great prices. Looking down the road, the real estate market in this region will remain strong, and we can expect to see a very busy market very soon now that the darker days of the pandemic are behind us.
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