Summer is coming to a close but our real estate market is still moving!
Check out the current stats (pulled on 08/10/22) broken down for each county.
Allegany County, Maryland
Active Residential Homes: 156 homes
Coming Soon Residential Homes: 8
Under Contract: 100 homes
Closed in the Last 30 Days: 78 homes
Average Sale Price: $156,833
Average Days on the Market: 35
Garrett County, Maryland
Active Residential Homes: 160 homes
Coming Soon Residential Homes: 0
Under Contract: 51 homes
Closed in the Last 30 Days: 49 homes
Average Sale Price: $638,579
Average Days on the Market: 39
Mineral County, West Virginia
Active Residential Homes: 34 homes
Coming Soon Residential Homes: 1
Under Contract: 29 homes
Closed in the Last 30 Days: 14 homes
Average Sale Price: $135,657
Average Days on the Market: 47
Hampshire County, West Virginia
Active Residential Homes: 61 homes
Coming Soon Residential Homes: 2
Under Contract: 43 homes
Closed in the Last 30 Days: 21 homes
Average Sale Price: $230,583
Average Days on the Market: 24
What does this mean?
Since our July update, our inventory is increasing. Homes are sitting on the market for a few days longer than they were the month before. However, we do usually see a bit of a mid-summer lull every year. Most people are on vacation or soaking up the beautiful weather and outdoor experiences our area offer. Normally we see an increase in demand at the start of September. That being said, we are still seeing a lot of multiple offer situations and sellers getting favorable terms like no inspections, cash, etc..
We are in need of some specific inventory- larger homes (especially with acreage) in the $200,000+ range, sizable tracts of land, building lots and any kind of property in Mineral County. If you have been thinking of selling anything fitting this description, please let us know!
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]
