It’s surprising to most people that the market in Edgewood, MD has been doing so well recently, but I kind of expect it. It’s an underrated area with decent home prices close to all of the major roads, shopping and APG. And while we talked a little about how real estate was doing there in the Route 40 Real Estate Smackdown last month, we’re going to touch on it a little more today.
There were 26 home sales in the Edgewood, MD real estate market in February (we’ll update this soon, but that is the last full month for which we have complete statistics), which was a 30% increase over the same month a year ago. The median sales price was less notable at $118,859, but that was still a jump over February 2016 by 12.6%. The time it took to sell a home dropped significantly that month to only 44 days, which is down from over 70 a year prior. Of the 26 homes that changed owners, 14 were either a foreclosure or short sale.
The highest sale price belongs to 1620 Nuttal Ave over in Trimble Woods. This was a 2,200 square foot colonial built in 2004 that sold on February 28th for $309,000. But looking at the data overall, it appears that most of the sales were either on the lower end (under $150,000) and on the slightly upper end (over $250,000). This is consistent with what we’re seeing: that there is a shortage in the 1st time homebuyer sector of the market.
If you’d like more information on this or any market in the area (including Harford, Cecil or Harford) give me a call at (443) 866-6728 or email me at firstname.lastname@example.org. If you’re thinking about selling and just want a no-obligation home valuation, visit our pricing tool at www.route40realestate.com, put in your information, and wait for the pricing analysis to magically appear in your email!