Salisbury, MD -- (SBWIRE) -- 08/26/2013 -- The past five years have been a trying time for homeowners, as they watched the values of their homes plummet during one of the biggest real estate market crashes in recent history. The market has finally turned around, and Maryland home values have been consistently rising throughout 2013.
July was an active month in the Maryland real estate market. As of the end of the month, Maryland homes had an average value of $235,300. This figure represents a 4.3% increase in value since July of 2012, a 2.1% rise this quarter, and marks a 1% increase over June of 2013.
“We expect to see home values to continue to rise in Maryland throughout the rest of 2013 and into 2014,” said John Wingate, owner of www.WingatePremierRealEstate.com. “Inventory is down, creating a larger demand for Maryland properties, which is leading to a steady rise in home prices”.
The amount of Maryland homes for sale is lower than in previous years, and the number of foreclosures on the market has also dropped. With fewer properties on the market, the demand for homes is higher, and most regions of the state are considered to be a “seller’s market“. A low inventory of homes, historically low mortgage interest rates, and a renewed confidence in the market by home buyers is expected to keep home values rising across the state in the months to come.