So where is our real estate market right now? Is it as good as it was? Is it slowing down? It is slowing down but that doesn’t mean that this is a bad time to buy or sell a house. In fact, inventory is up so if you’re looking to buy, you have more options than you once did.
Read below to get the full scoop on our fall market,
Residential stats pulled from Bright MLS on October 9, 2023 at 12:30pm.
Allegany County, Maryland
Active Residential Homes: 146 homes
Coming Soon Residential Homes: 9
Under Contract: 80 homes
Closed in the Last 30 Days: 47 homes
Average Sale Price: $160,023
Average Days on the Market: 37
Average Sold Price/ Original Price: 93.2%
Garrett County, Maryland
Active Residential Homes: 161 homes
Coming Soon Residential Homes: 1
Under Contract: 56 homes
Closed in the Last 30 Days: 45 homes
Average Sale Price: $574,308
Average Days on the Market: 41
Average Sold Price/ Original Price: 95.6%
Mineral County, West Virginia
Active Residential Homes: 48 homes
Coming Soon Residential Homes: 0
Under Contract: 26 homes
Closed in the Last 30 Days: 13 homes
Average Sale Price: $259,027
Average Days on the Market: 20
Average Sold Price/ Original Price: 97.1%
Hampshire County, West Virginia
Active Residential Homes: 56 homes
Coming Soon Residential Homes: 3
Under Contract: 44 homes
Closed in the Last 30 Days: 23 homes
Average Sale Price: $249,848
Average Days on the Market: 68
Average Sold Price/ Original Price: 94.5%
An important stat to pay attention to is the average list to sale price. This shows how close the house sold to its original listing price. Over the last year, we have seen this percentage decrease meaning sellers are not getting as close to what they originally asked for.
What does this mean?
If you are looking to sell, this is the time to reach out to a REALTOR! Although inventory levels are up, we are still seeing many of these new listings go under contract quickly. In a market like this, presentation and pricing is critical. If you have any questions on what your house is worth, reach out to us for a free market analysis.
If you are looking to buy, talk to an agent on where to start. More homes are coming on the market everyday. You have more options than you did a year ago! Give us a call and we can help you figure out the financing, send you the current inventory and start working on finding your new home.
We are in need of some specific inventory. If you have been thinking of selling anything fitting this description, please let us know:
-Mineral County homes in the $100,000 to $300,000 range
-Homes (especially with acreage!) in the $180,000+ range in Western Maryland and West Virginia
-Luxury properties above $350,000 in Maryland and West Virginia (acreage preferred but not necessary!)
-Fixer Uppers in the Cumberland area
-Investment properties like duplexes and apartment buildings
-Large parcels of land (15+ acres)
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.
