If you bought a home in Edgewood, MD in 2016, you moved just in time. It’s not that the market is crashing and that it’s impossible to buy, but exactly the opposite; homes are transferring hands at a rapid pace, and the number of available listings is steadily decreasing before our very eyes.
360 homes got a new owner in Edgewood, MD in 2016, which is an astounding 15.76% increase over 2015. It took only 74 days on the market for a home to go under contract, which is unchanged from the previous year, but the average sales price improved from $122,000 in 2015 to $145,000 in 2016. Sellers were also negotiating more aggressively, since they received 93% of their list price in 2016, compared to only 90% in 2015.
The highest sales price for a home in Edgewood, MD in 2016 was on Kennard avenue just outside Flying Point Park, sitting along the Bush River. 319 Kennard sold in September for $765,000, and the home is shown in the picture below (picture credit goes to Garceau Realty and MRIS®).
What’s the message in all this data? It’s that now is the time to sell! If the number of homes is dropping that rapidly, it only means that inventory is constrained and that more listings are needed. If you have a home in Edgewood, MD (or anywhere in the Metropolitan Baltimore area) and would like to talk about selling, please contact us at (443) 866-6728 or email email@example.com. You can also get a comprehensive home value estimate by visiting www.route40realestate.com and entering your home’s information.