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Local Real Estate Values In Maryland

By
Real Estate Agent with The Roskelly Team MD DLLR#574160

We hear so many people saying that the real estate market is just barely holding on, home prices are decreasing and buyer’s aren’t buying because interest rates are so high.

It’s important for you to know that National real estate news isn’t local real estate news.  And we really don’t care much what’s going on in Iowa when we’re right here in Maryland.  So let’s do a quick review of  the most recent report from The National Association of Realtors via their Existing Home Sales Report for April.

In that report that show a 1.7% decline in home values nationwide.  That’s a bit deceiving on two different levels.  First, they are using median values.  The exact middle point of all sales of all types of homes.  That’s not super telling because if you have a community with single family homes, townhomes, and condos.  What if the majority of sales in that period were condos that generally have a lower sales price?  Did the value really decrease in the neighborhood?  No it did not.  It’s just a product of what sold.  Had there been more single family homes sold that month it would have gone way up, also not a great indicator of neighborhood value. 

Instead, we use the average sales price or repeat sales prices which is what most reporting agencies use.

So, if I’d just looked at that one report I might get the wrong idea.  But here’s what is really going on right here in Maryland.

NAR report shows 1.7% decrease in the median sales price.

The Maryland suburbs are showing a 1.7% increase.

The local MLS shows a 2.7% increase in home prices in Anne Arundel County MD this year.

And breaking it down even further to the neighborhood level and picking the top performing neighborhood in Anne Arundel county, Piney Orchard, we see a 7.42% increase in home values.  This is also a great example of a neighborhood with lots of housing variety.

That’s quite a difference if you’re counting your equity pennies.  And speaking of equity, we’ve got a great homeowner dashboard tool for you can use to get an instant home valuation, keep track of your home value & equity, get connected with an equity loan, check out recent neighborhood sales and so much more.  All free and with no obligation.

Real estate is always local, which is why it’s important you choose an agent that really understands the Maryland market to represent you on your home sale or purchase. 

If you’d like a customized report for your home, let's connect!

 

Posted by

Jessica Hood, Realtor/Team Leader
Accredited Home Staging Professional
The Fort Meade Homes Team
Berkshire Hathaway HomeServices
565 Benfield Road 
Severna Park, MD 21146

(410) 721-6694 Office
(443) 623-4523 Mobile

Hello@FortMeadeHomes.com E-mail
Search all homes for sale near Fort Meade, homes for rent near Fort Meade, or get information on selling your home at www.FortMeadeHomes.com
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KAREN SANCHEZ
Reputable Realty - Apple Valley, CA
...Marketing your home like no one else will.

All real estate is local right!  Nice to hear about what's happening in you hood.  Sorry, bad joke!

May 30, 2023 06:35 PM
Jessica Hood, REALTOR®

Thanks Karen!

Jun 03, 2023 05:29 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Hi,

Welcome to the Rain. Enjoyed your blog page, and I added you as

follows. I would love the follow back. Bill

May 31, 2023 10:44 AM
Jessica Hood, REALTOR®

Thanks Bill!  Followed you back. 

Jun 03, 2023 05:29 PM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thanks for sharing your market report with us here in the Rain. It's always interesting to see how other areas of the country are doing.

 

Jun 03, 2023 10:02 AM
Jessica Hood, REALTOR®

Thanks Debe!

Jun 03, 2023 05:30 PM
Debe Maxwell, CRS

Of course, Jessica!

Jun 03, 2023 08:12 PM
Roy Kelley
Retired - Gaithersburg, MD

Prospective home buyers need to understand the the current market conditions. 

Home ownership continues to provide the best pathway to family wealth.

Jul 12, 2023 06:55 AM