The award for the hottest market in our area of emphasis is White Marsh, MD! Not because of the sheer number of sales; more so because of the type of activity. 48 sales occurred in the 21236 zip, and 5 changed hands in the 21162, and while these represented a decrease from September of 2015, the fundamentals for demand are actually greater.
Let me explain.
Last year, there were 167 homes on the market in White Marsh, with only 40 having sold, which means there was more than 4 months’ worth of inventory available. This year, these numbers became compressed, where there were only 122 active listings in White Marsh, with more than 50 swapping owners. This means there is only about 2.5 months of inventory available on the market.
The highest-priced sale took place at $540,000 at 11615 Philadelphia Rd in White Marsh, which closed on September 30.
What the numbers mean is that there are fewer homes from which to choose, and this will eventually cause prices to rise in White Marsh, MD. People have drifted towards this area in the past because of its proximity to the interstate, good schools, and plenty of shopping, and it seems as if the demand is holding firm. Builders are still constructing homes in the area, with Ryan Home’s Fieldcrest community being one of the most popular.
The Paragon Outlets are still on the horizon, which is the 250,000 square foot, 100+ store premium outlet center planned to be open at the corner of route 7 and 43. While there were a few legal hurdles to climb regarding zoning, the project is scheduled for completion in 2018. This will add to the attractiveness of the area, which will appeal to the high-income residents.