While only some of March was spent staying at home for Marylanders, all of April was spent in quarantine. As a result, the real estate market is reflecting that sudden and sweeping change. Before we get into the numbers, I wanted to let you know that my business is an essential business in accordance with the state of Maryland’s guidelines, so I remain open to help you. I also wanted to reassure you that the market is still active, and as restrictions lift, we anticipate an immediate uptick in listings and sales. If there is any way I can help you purchase or sell a home this month, don’t hesitate to reach out.
April 2020 Real Estate Market Statistics
April 2020 was a unique month in Maryland real estate history, and new listings in the Baltimore region hit a decade low. The real estate market slowed down a great deal, as sellers were reluctant to list their homes and need to find new ones while sheltering in place. The number of homes sold also fell to a five-year low. The lack of new listings hitting the market meant that homebuyers have largely gobbled up any available inventory, which is a great sign for the market after things start to reopen and restrictions ease. When new homes start to be listed again, local experts anticipate that they will be quickly sold. Buyers who did make a purchase in the Baltimore area real estate market in April bid properties up and moved them quickly. The median sales price jumped by $25,000 in a single month, and the median number of days until a house was sold dropped from 27 in April 2019 to 12 in April 2020.
May 2020 Real Estate Market
Experts anticipate that restrictions will start to ease in Maryland over the next few weeks, and I expect that the real estate market will immediately respond with activity. The homes that have been listed have sold at great prices, and when new listings start to arrive on the market, they should sell quickly for close to their listing price. The future of the real estate market in this region is strong, and as we see the state and workers start to return to our “new normal,” we can expect to see a very busy market.
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