The Allegany, Garrett, Mineral and Hampshire County summer real estate markets are in full swing! We are finally starting to see some more inventory hit the market and buyers are still bidding!
Check out the current stats (pulled on 07/01/22) broken down for each county.
Allegany County, Maryland
Active Residential Homes: 152 homes
Coming Soon Residential Homes: 7
Under Contract: 132 homes
Closed in the Last 30 Days: 58 homes
Average Sale Price: $169,066
Average Days on the Market: 29
Garrett County, Maryland
Active Residential Homes: 148 homes
Coming Soon Residential Homes: 2
Under Contract: 73 homes
Closed in the Last 30 Days: 47 homes
Average Sale Price: $581,260
Average Days on the Market: 38
Mineral County, West Virginia
Active Residential Homes: 32 homes
Coming Soon Residential Homes: 1
Under Contract: 28 homes
Closed in the Last 30 Days: 15 homes
Average Sale Price: $183,713
Average Days on the Market: 10
Hampshire County, West Virginia
Active Residential Homes: 46 homes
Coming Soon Residential Homes: 3
Under Contract: 43 homes
Closed in the Last 30 Days: 29 homes
Average Sale Price: $244,394
Average Days on the Market: 15
What does this mean?
Since our June update, our inventory is growing. Yet with even more inventory being added in every county every day, the demand from buyers is still there and we are seeing the amount of homes under contract increase. We are still seeing a lot of multiple offer situations and sellers getting over-asking and favorable terms like no inspections, cash, etc..
The summer market is in full force and strong. If you have been thinking about selling, this is a great opportunity. Our market is in desperate need of homes with acreage, multi-family investment properties, affordable homes under $150,000 and larger homes in the $200,000 to $400,000 price range. All Mineral County inventory is still very low as well. Pretty much any kind of property is in need there!
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
