In a trend that much of the nation can relate to, the Olney real estate market posted very solid gains in home values throughout the first half of 2013. But what’s good news for for those with Olney homes for sale is that while much of the national market has dropped in the past few months due to rising interest rates, figures for Olney homes have only continued to stay hot. This presents an amazing time in the Olney home market that can be further understood by breaking down some of the most recent market data for this charming Maryland region.
A recent report from California-based real estate analytics tracker Altos Research saw the median list price for Olney homes at $576,674. This was up from roughly $500,000 at the beginning of 2013, signifying an increase of about $76,000 over just eight months on the average value of an Olney home.
Olney area real estate benefiting from strong data showing
As importantly though, this number was also up from where the median list price stood on May 1st at about $550,000, signifying that the market has climbed about $25,000 in the last several months, even as interest rates have gone up. Clearly, homes are heavily in demand in Olney.
In fact, that last claim can be supported through the market action index (MAI) for Olney homes, which stood at 44.5 as of the Altos report. This is a strong 14.5 points above the line that Altos uses to divide a buyer’s market and seller’s market in terms of supply and demand factors.
Olney’s strong real estate climate can also be evidenced in the decreasing home inventory levels that the census-designated place of Olney has seen in the last few months. With only 34 homes listed as for sale, the number of properties in Olney has stayed low all year, and is down from about 40 properties at the beginning of May. The number of days on market for Olney homes at 86 is also down from about 140 as recently as April.
Interested in hearing more about Olney homes for sale? Please contact our team of experienced Olney real estate professionals, as it would be our pleasure to show you around the Olney area.