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Experts Say 2012 Was a Turnaround Year for Maryland Real Estate

Author: Chris Speicher

In December, the median home price around Maryland rose 9% year-over-year to $244,000 and the number of sales increased 8%. Experts say that 2012 was a turnaround year for Maryland real estate, and for Rockville home owners, the news is welcomed.

The housing market continues to rebound in Maryland, and analysts are encouraged by the impressive numbers that came at the end of last year. According to Metropolitan Regional Information Systems and the Maryland Association of Realtors, the state finished 2012 with eight consecutive months of improvements in sales and median prices. Annually, Maryland finished with a 5.5% increase in sales over 2011. That marks the largest increase since 2009; a year when the federal tax credit first spurred sales among home buyers after the recession began.

Adds Carlton J. Boujai Jr., board president of the Maryland Association of Realtors, “It appears that 2012 was the year that marked a turnaround in the real estate market. The data indicates a slow but steady pace of improvement.” Additionally, Boujai said that December was the second consecutive month where Maryland’s statewide inventory of homes fell below a six-month supply. Just a year ago, the statewide inventory was 7.2 months.

Rockville home owners are especially encouraged because Montgomery County recently recorded the highest median home price in the state at $360,000. That marks a 7.5% increase from a year earlier. Howard County followed closely with a median price of $350,000, while Frederick County saw a marked 33% jump to $265,000. Additionally, days on the market continue to trend downward with homes in Montgomery County spending 61 days on the market on average. That’s down from 85 a year ago.

The real estate recovery in Maryland can be attributed to a combination of low inventory, rising prices, historically low mortgage rates, and sales that are being completed much faster. Real estate experts around Maryland are encouraged by the news, and say that 2013 should bring continued growth and opportunity.

To learn more about Rockville homes for sale, please contact me. I’m a local real estate agent who specializes in Rockville real estate, and I’d love to discuss your unique real estate objectives with you.

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