Summer is here and our market is holding steady! Our new listings have gotten a lot of attention and multiple offers. Interest rates may be on the rise but there are still lots of buyers out there looking!
Check out the current stats (pulled on 06/13/22) broken down for each county.
Allegany County, Maryland
Active Residential Homes: 136 homes
Coming Soon Residential Homes: 8
Under Contract: 117 homes
Closed in the Last 30 Days: 52 homes
Average Sale Price: $167,590
Average Days on the Market: 30
Garrett County, Maryland
Active Residential Homes: 137 homes
Coming Soon Residential Homes: 1
Under Contract: 84 homes
Closed in the Last 30 Days: 36 homes
Average Sale Price: $504,378
Average Days on the Market: 37
Mineral County, West Virginia
Active Residential Homes: 30 homes
Coming Soon Residential Homes: 0
Under Contract: 23 homes
Closed in the Last 30 Days: 18 homes
Average Sale Price: $208,867
Average Days on the Market: 51
Hampshire County, West Virginia
Active Residential Homes: 41 homes
Coming Soon Residential Homes: 3
Under Contract: 43 homes
Closed in the Last 30 Days: 22 homes
Average Sale Price: $211,869
Average Days on the Market: 31
What does this mean?
Since our May update, our market has stayed steady. Even with more inventory being added every day, the demand from buyers is still there and homes are flying off the shelves. We are seeing a lot of multiple offer situations and sellers getting over-asking and favorable terms like no inspections, cash, etc..
The market is strong and if you have been thinking about selling, this is a great opportunity. Our market is in desperate need of affordable homes under $150,000 that are USDA and FHA eligible, homes with acreage, multi-family investment properties and larger homes in the $200,000 to $400,000 price range.
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 info@mdmountainsidehomes.com
