
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
David Weiss – Associate Broker, REALTOR®
410-703-2363
Our Team’s Website –www.MarylandsPropertyTeam.com
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