Hello my name is Adam Heimbach, Real Estate Broker of Maryland’s Property Team and I am here to talk about The State of the Anne Arundel County Real Estate Market February 2024!
The primary driving forces in the real estate market for the last year have been perceived high interest rates and low inventory. According to January 2024’s market data, this continues to be the case.
In January 2024 there were 406 Closed Sales, 442 New Listings and 520 Total Active Listings
When we measure inventory, we look at what is called the absorption rate. This is a measure of how long it would take to sell all current inventory if no new inventory were to come on the market.
With 520 total active listings and 406 closed sales, we have an absorption rate of 1.28 months. A neutral market is considered 4-6 months of inventory. Anything less is a seller’s market. We would need about 3x the current inventory to be in a neutral market.
Prices are also at historic highs with an 11.5% increase in median sold price year over year. Properties that are priced well and in good condition continue to sell quickly and for top dollar.
For buyers, interest rates have been relatively steady for the last few months. Time will determine if, when and how much rates may change in the future or if current rates are the new normal.
For more information, contact Maryland’s Property Team! 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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