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Maryland's Property Team

State of the Anne Arundel County Real Estate Market June 11th, 2024!!!

State of the Anne Arundel County Real Estate Market June 11th, 2024!!!

 

State of the Anne Arundel County Real Estate Market June 11th, 2024!!!

 

In May 2024 there were:

  • 714 New Listings - Relatively Flat
  • 714 New Pendings - Down
  • 766 Closed Sales - Up Month over Month and Year Over Year
  • $517,000 Median Sold Price - Up
  • $608,713 Average Sold Price - Up
  • 693 Active Listings - Up
  • 15 Average Days on Market - Flat

 

Prices continue to climb even as closed sales are down compared to 5-year averages (835 closed sales):

  • 5.7% increase in median sold price year over to $517,000.
  • 3.1% increase in average sold price year over year to $608,713.

 

For the 1st time this year, 766 Closed Sales outpaced 714 New Listings.

 

Total Inventory is up 17.9% compared to May 2023. However, with only 1.18 months of supply, we are still in a strong seller's market. We would need about 4x the current inventory to be in a neutral market.

 

For buyers, interest rates have been relatively steady so far in 2024. Ranging from the high 6’s to the low 7’s.

 

For more information, Schedule a FREE No-Obligation Confidential Consultation! We are here to help. Always the best!!!

 

Adam Heimbach – Real Estate Broker, REALTOR®, GRI

410-212-4898

[email protected]

 

David Weiss – Associate Broker, REALTOR®

410-703-2363

[email protected]

 

Our Team’s Website –www.MarylandsPropertyTeam.com

 

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