CHANTILLY, Va. — The median sale price and number of units sold increased in parts of the Maryland Eastern Shore real estate market in February, according to Long & Foster Real Estate’s Market Minute Report.
Wicomico County experienced a 48% increase in median sale price, followed by a 12% increase in Dorchester County. The number of units sold also saw an upward trend of 32% in Talbot County, followed by increases of 27% in Dorchester County and a 20% in Worcester County.
Inventory continued to decline across the region with the exception of Queen Anne’s County, which exhibited no change.
The Long & Foster Real Estate Market Minute report for the Maryland Eastern Shore includes Wicomico, Dorchester, Queen Anne’s, Talbot and Caroline counties.
“Like many people in the country, we’ve been actively monitoring the developments around the coronavirus,” said Gary Scott, president of Long & Foster Real Estate. “It’s a constantly changing situation, and although the long-term impact is not yet known, we do know some short-term opportunities have arisen for buyers and sellers.”
Mortgage interest rates are now at an all-time low — almost 1% lower than they were a year ago, which can increase a consumer’s buying power significantly.
“While inventory continues to remain a significant challenge, our sales units and sales volume are up significantly during the first two months of this year, which we attribute to our low interest rate environment,” Scott said.
Real estate remains a solid investment with proven appreciation over time, Scott said.
“Homes increase in value nearly 5% per year nationwide,” he said. “In times of stock market downturns, consumers and investors will often put their money into the purchase of real estate as a safe haven from the volatile swings of the stock market.”
To learn more about your local market conditions, visit Long & Foster’s Market Insights at www.longandfoster.com/pages/real-estate-market-reports. You also can learn more about Long & Foster and find an agent at LongandFoster.com.
Long & Foster Real Estate is part of the Long & Foster Companies, a subsidiary of HomeServices of America, a Berkshire Hathaway affiliate. HomeServices is the nation’s largest real estate brokerage by transaction sides and one of the largest providers of integrated real estate services.
The Long & Foster Companies also includes Prosperity Home Mortgage, LLC, Long & Foster Insurance and Long & Foster Settlement Services.
Long & Foster Real Estate is the exclusive affiliate for Christie’s International Real Estate throughout select parts of the Mid-Atlantic and Northeast, and it is a founding affiliate of Leading Real Estate Companies of the World, a global network of real estate professionals that includes the Luxury Portfolio International division.
Long & Foster Real Estate has over 200 offices, stretching from Raleigh, N.C., to Fair Haven, N.J., and from Charles Town, W.Va., to the Atlantic Ocean. It represents more than 10,000 agents in seven Mid-Atlantic and Northeast states, plus the District of Columbia.
The company, which has a productive commercial business in addition to its residential side, sold more than $30.4 billion worth of homes and helped people buy and sell homes over 78,600 times in 2019.