Surprising Covid Influences On Home Values

Dated: September 28 2020

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To our surprise Covid-19 has had an interesting effect on the housing market. While many expected the housing market to see a slow down with the pandemic, instead we are seeing a frenzied sellers market with low inventory and high demand. In fact, Maryland’s housing market has shown substantial recovery from spring’s COVID-related market slow down. Taking a look at the housing statistics by Maryland REALTORS®, that there has actually been an increase in average and median home prices with a decline in days on market. 

mdrealtor.org September 2020 housing statistics

“At the beginning of 2020, the average sale price was $335,910. Now, in September this figure is $402,747,” said Dee Dee Miller, President, Maryland REALTORS®. “We’ve seen significant growth in median prices as well. In January, it was $288,000, and now we’re at $340,000. The increase in number of homes sold, as well as the increase in the sale price of that home, play a significant part in Maryland’s economy.”

New trends in housing wants and needs are being seen as well. With more people working from home, a home office is high on the list of desired amenities. Working from home has also decreased the concern over convenient commuting location, allowing people to move further away from cities, opening up rural communities. Seven of Maryland’s rural counties have seen over 20 percent increases in average prices over last year. In addition, home entertaining spaces, inside and out, have become valuable venues to home owners finding different ways to entertain vs. going out. Because we are all spending more time at home, people are creating a home environments to support their needs. These spaces are sure to improve property values, so get the list ready for what you will need to create the perfect indoor or outdoor entertaining space to enjoy at home!


mdrealtor.org

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Terry Lascola

Terry La Scola is a lifelong resident of Frederick County Maryland and has been involved in the business community of Frederick since 1979. As an entrepreneur, Terry has an extensive knowledge of sal....

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