The market was really busy throughout the summer, and we’re starting to see a little bit of a shift happening across the whole country. There is a slight uptick in days on market, we’re seeing some prices decrease a little bit, and it’s taking a little longer to sell homes. However, I think we’re a little more protected here in the Maryland area.
There are certain pockets that are super busy. In certain areas there is a ton of inventory; in other areas there is next to no inventory. There are properties selling with multiple offers in as little as three or four days, and others still sitting on the market after several months. The latter case has caused the slight depreciation in price.
We’re seeing interest rates still holding right now.
We’re seeing interest rates still holding right now, and we think it will stay that way throughout the election period. Depending on who gets elected, that may shift slightly afterward, but I would not expect that we see much of a change in the next several months.
If you have any further questions about the real estate market, feel free to give me a call or send me an email. I look forward to hearing from you.