The third month of the year continued the streak of increased home sales despite very low inventory according to Maryland Realtors Association. March represents the first full month after the coronavirus became a global pandemic striking the U.S. on a large scale.
Even as we all adjust to the new landscape of social distancing and limited in-person interaction, houses will continue to be bought and sold. Overall, demand in March was high, inventory remains low, and interest rates are at historical lows. As a result, Harford County COVID-19 home values showed an increase.
Inventory (total number of homes available for sale) is down -34% from 1 year ago. Median Sale Price of a home is up 6% from a year ago. Units sold is down -12% from a year ago. Sold vs. List price, meaning the actual price of the home sold versus the list price has not changed from last year, holding at an incredible 99.4%.
The median home value in Harford County is $301,522. The median price of homes currently listed in Harford County is $305,000 while the median price of homes that sold is $262,900.
Harford County COVID-19 home values have gone up 2.6% over the past year and Zillow predicts they will fall -2.1% within the next year as seen in the chart below. Waiting to sell your home in 2020 could prove costly.
If you are in the market for buying or selling a home, Vinny Steo is your best choice in Bel Air, Maryland to help you. Call us at 410-220-0016 or fill out the form below.