As anyone who deals in real estate will tell you, being up to date on information is extremely important. As such, with a new year approaching, keeping up with current Maryland real estate market trends is vital. After all, with current information, you can decide on the future of your investments. At the end of the day, you shouldn’t make any choice without seeing the full picture. So, with the year coming to an end, putting together all of the information should be a priority for investors. In order to help out, we’ve decided to compile the information on Maryland real estate market trends and forecast for 2023, and we hope you find it useful.
Number of sales
First up on the Maryland real estate market trends: sales are down 27% compared to last year. To put it in exact numbers, there were 7,376 fewer sales than last year. The current monthly supply of inventory is down to 1.3, and with the current pace of sales, it would take less than six weeks for the current inventory to sell. However, whether or not that’s going to happen depends entirely on unpredictable factors, so we can only guess. If you’re planning to sell, consider some investments to increase the value of your home first. After all, since sales have been slowing down the whole year, you should make sure to get the most out of every sale. And according to current stats, this is going to become even more important going into 2023. So, consider all of your investments carefully before deciding to cash in on them.
Prices and demand
Next up, housing inventory is still low compared to the demand from homebuyers. In July this year, the median price of houses being sold in Maryland reached $399,000. This is an all-time high in recent years, 5.4% up compared to last year’s high of $378.500. All in all, the demand is continuing to rise while supply isn’t getting any better. This means that going into 2023, the prices are only going to get higher. So, it makes sense that continuing to invest more and more into properties is going to get even more profitable. With prices rising, adding more amenities to house pays off even more. However, experts from Worldwide Moving Systems note that you should be extremely careful not to damage your properties when moving furniture into them. After all, the last thing you want is to damage your investment. Keeping your investment safe is always a priority.
Time to sell
Time to sell in the Maryland real estate markets has gone up as sales declined. So far, houses on the market have spent 8 days on the market, going by median values. Compared to 2021, that is 1day longer. As prices go up, we can expect that the time to sell will also increase. However, considering demand is also climbing higher, time to sell might even drop as we go into 2023. Unfortunately, this stat is hard to predict in the current circumstances, so we recommend carefully researching the market until the end of 2022 if you want precise predictions. In the meantime, consider the reasons why real estate drone photography is a critical part for promotion. After all, when houses are selling slower and slower, proper marketing and promotion become vital to your success. And in today’s real estate markets, any advantage is something you should try to get.
County statistics
Taking a closer look at Maryland counties, Calvert County saw the biggest drop in sales compared to 2021, at 37,3%. Harford County had the fastest sales in the state, with the median value being 5 days on the market. Kent County proved to be the most profitable, as prices jumped by 37.8% compared to last year. The cheapest county in Maryland was Allegany County, with a median sales price of %134,900, and on the flip side Montgomery County turned out to the be most expensive, with a median sales price of $570,000. All in all, the Maryland real estate market in 2022 did decently well. Going into 2023, if you want to be more hands-on with your investments, keep in mind that assistance is always within reach when it comes to moving into properties. And being up close and personal with your investments is something we recommend in 2023.
2023 real estate forecast
The Maryland housing market is staying strong throughout 2022, and according to the stats we have right now, this is going to continue in 2023. Demand continues to be high compared to the available inventory, and prices are rising because of this. As such, anyone interested in real estate investment should keep Maryland in their sights. However, there are rumors of a marketing crash in Maryland making their rounds throughout the internet. However, according to current stats, this is extremely unlikely to happen. Keeping this in mind, Maryland continues to be one of the best choices for investing in real estate. However, moving into the future, it becomes even more important to familiarize yourself with property valuation. Knowing when exactly it’s a good idea and when it’s needed is a vital part of real estate. So, doing your research into property valuation is vital to your continued success.
Maryland real estate market trends and forecast 2023 – wrap up
Maryland’s real estate market has always been a strong contender. However, with the stats we’ve got from 2022, it’s only going to bet better in 2023. The combination of high demand and low supply is always a blessing for real estate investors, and this situation in Maryland shows no signs of changing for the worse. So, if you’re interested in relatively risk-free investment, Maryland is the place to go in 2023. However, be sure to do proper research into the specific counties before deciding where exactly you want to invest. After all, different counties have different benefits, and you should do your best to exploit that. We hope that this breakdown of Maryland of real estate market trends and the forecast for 2023 helps you out, and we wish you a good day.
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