National Real Estate News
Homes build wealth
A National Association of Realtors study found that over the last decade, the median-priced home appreciated by about $190,000. These gains, plus the ‘forced savings’ of paying the monthly mortgage, mean that the net worth of a typical homeowner is about 40x that of a typical renter! Importantly, these wealth gains were experienced by people of all income levels.
Sales stay strong
March existing home sales declined 2.4% from February to an annualized 4,440,000, as higher mortgage rates stunted spring sales. That said, the pace of sales is still running 11% higher than its January 2023 low of 4,000,000. Additionally, the low level of inventory (homes available for sale), is leading to greater buyer competition. Median home prices rose 4% month-over-month to $375,700.
Mortgage rate rollercoaster
Average 30-year mortgage rates moved up to 7%, then dropped to 6%, and are now back up near 7%. In this volatile market, your monthly mortgage payment could swing $50-100 depending on which week you “lock in” your rate! With this in mind, make sure you’re working with an experienced loan officer who can help you navigate these choppy waters.
Local Market Trends
As of Friday, April 21, 2023
Jared Neale
Here you can enhance your area’s housing market data with your own insights and commentary!
| Area | Median Price | Active Listings | New Listings – 5 days | Median Days on Market |
|---|---|---|---|---|
| Glen Burnie, MD | $419,500 | 64 | 13 | 27 |
| Middle River, MD | $347,500 | 42 | 7 | 27 |
| Severna Park, MD | $38,750 | 62 | 4 | 109 |
| Jessup, MD | $528,500 | 11 | 2 | 19 |
