Annual Real Estate Market Update for Anne Arundel County, Maryland
While 2020 had its fair share of ups and downs, one thing remained to be true. And that is the real estate market not only met expert predictions, it exceeded them, breaking records along the way. Homes are selling faster and values have increased 9.5% over 2019. We also saw a 14% increase in total units sold over 2019. This is an 111% increase over the last ten years.
Although the narrative is typically about low inventory, the reality is that a surplus of buyers continues to drive the demand in the marketplace. Most homebuyers are trying to take advantage of the record low interest rates (below 3%). Which increases their buying power and offsets the rapid appreciation.
Entry level buyers, purchasing detached single family homes and attached townhomes were the most effected, with an overall decrease in units sold compared to 2019. Move-up buyers, purchasing mid level and luxury homes, made up for 47% of the total market, and were the biggest driving factor in the total number of homes sold in 2020.
Download the 2020 Annual Real Estate Market Report for Anne Arundel County, Maryland
This comprehensive and attractive report provides an in-depth analysis of the key metrics for multiple housing segments. While 2020 had its fair share of ups and downs, one thing remained to be true, and that is the real estate market not only met expert predictions, it exceeded them, breaking records along the way. Tap the button below to access your free PDF copy.