2024 is here! Who is thinking about making a real estate move this year?
Do we have more inventory? Are prices going down? Are interest rates going to drop?
Read below to get the full scoop on our 2024 market,
Residential stats pulled from Bright MLS on January 18 at 10:10am.
Allegany County, Maryland
Active Residential Homes: 153 homes
Coming Soon Residential Homes: 4
Under Contract: 66 homes
Closed in the Last 30 Days: 36 homes
Average Sale Price: $157,725
Average Days on the Market: 38
Average Sold Price/ Original Price: 87.8%
Garrett County, Maryland
Active Residential Homes: 118 homes
Coming Soon Residential Homes: 1
Under Contract: 45 homes
Closed in the Last 30 Days: 27 homes
Average Sale Price: $678,944
Average Days on the Market: 77
Average Sold Price/ Original Price: 88.0%
Mineral County, West Virginia
Active Residential Homes: 47 homes
Coming Soon Residential Homes: 0
Under Contract: 16 homes
Closed in the Last 30 Days: 9 homes
Average Sale Price: $215,656
Average Days on the Market: 64
Average Sold Price/ Original Price: 87.9%
Hampshire County, West Virginia
Active Residential Homes: 48 homes
Coming Soon Residential Homes: 1
Under Contract: 23 homes
Closed in the Last 30 Days: 16 homes
Average Sale Price: $256,672
Average Days on the Market: 51
Average Sold Price/ Original Price: 95.6%
What does this mean?
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. This is great news for buyers as there is more room for negotiation!
If you are looking to sell, this is the time to reach out to a REALTOR! Although inventory levels are stable, we are still seeing many of these new listings go under contract quickly. We are in need of move-in, affordable housing and specific kinds of properties. 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. As 2024 continues on, we should start to see interest rates go down (especially towards the end of the year). 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 and Hampshire 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!)
-Recreation properties in Maryland and West Virginia
-Investment properties like duplexes and apartment buildings
-Large parcels of land (30+ 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 [email protected].
