If you own a home in Harford County, MD, it’s likely that you’ve been wondering about home prices in general, and where the value of your property may be at a given moment. Having an idea of whether they’re going up or down can have some importance to you, depending on when you bought your home, but for the most part, you want to make out rather than lose if you decide to sell.
There is good news for you then! Harford County real estate made some positive gains in 2016, increases that Realtors® have been looking for every year for at least four years now. It has taken a while for the market to adjust to some of the corrections in the economy, but now the numbers reflect a significant increase on a year over year basis.
The total dollar amount of home sales in Harford County, MD jumped 13.21% in 2016 to over $1 billion in transaction volume! This represents an increase of over $100 million from the year prior, which has had a substantial impact on the local economy. The average sales price per home went up—however modestly—by 1.61% to $264,767, and the number of home sales went up to a whopping 3,834 for the County in 2016. Also noteworthy was how long it took to sell a home, which went down over 15% to just 78 days.
A few factors have contributed to the increases that we saw, as well as the lackluster home sales price growth that occurred. The overall economy has made fiercer strides recently, especially at the local level. The unemployment rate dipped to 5.3% in Maryland in 2016, down from 5.6% in 2015 and even further from the 6.1% rate we experienced in 2014. The more people working means more people looking for housing. And while home prices only went up slightly, we can expect this to change in 2017 for a few reasons: 1) Housing inventory has dropped considerably while demand has held constant. This will lead to upward pressure on prices, 2) Price increases generally follow volume and unit sales increases and 3) The Federal Reserve has started to raise rates, which is a defense against inflation. In other words, they’re trying to temper the inevitable price level increases.
There is opportunity for everyone in this market, but you should have the right guidance and information. We have only touched on the basics here of what the market is doing, but there are nuances for each situation. If you’d like more information about buying, contact me at (443) 866-6728 or email me at email@example.com. You can also visit our website at www.highpowerrealty.com.