Wow! The end of March and the beginning of April have been crazy here in the Western Maryland and West Virginia real estate market.
Here are the current stats (pulled on 04/12/22) broken down for each county.
Allegany County, Maryland
Active Residential Homes: 109 homes
Coming Soon Residential Homes: 5
Under Contract: 115 homes
Closed in the Last 30 Days: 61 homes
Average Sale Price: $141,392
Average Days on the Market: 38
Garrett County, Maryland
Active Residential Homes: 86 homes
Coming Soon Residential Homes: 2
Under Contract: 79 homes
Closed in the Last 30 Days: 39 homes
Average Sale Price: $578,754
Average Days on the Market: 62
Mineral County, West Virginia
Active Residential Homes: 24 homes
Coming Soon Residential Homes: 2
Under Contract: 31 homes
Closed in the Last 30 Days: 13 homes
Average Sale Price: $183,769
Average Days on the Market: 68
Hampshire County, West Virginia
Active Residential Homes: 28 homes
Coming Soon Residential Homes: 0
Under Contract: 46 homes
Closed in the Last 30 Days: 18 homes
Average Sale Price: $238,325
Average Days on the Market: 48
What does this mean?
Since our March update, inventory has continue to drop and the amount of under contract and SOLD homes are up. Listings are coming up everyday but flying off the shelves! This tells us that there are plenty of pre-qualified buyers looking to take advantage of the current interest rates before they go up again. We are also seeing an increase in purchase prices as well!
The market is strong and if you have been thinking about selling, this is a great opportunity.
If you are looking to buy, this is a competitive time to purchase but new inventory has been hitting the market every week. Interest rates are going to continue to rise in the next months so you might want to take advantage of the current rates! If you are a first-time homebuyer or have questions about how to succeed in a seller’s market, please feel free to reach out to Mountainside Home Realty and we can provide you information on what a buyer’s agent is and some tips and tricks on how to handle this crazy market.
If you would like to talk to an agent about buying or selling, please reach out to Mountainside Home Realty at 301-722-0190 or email us at [email protected]
