According to the low monthly supply of 1.47, the real estate market in Calvert County, Maryland, is currently showing signs of strong demand and limited inventory. At the current sales rate, it would take slightly more than a month and a half to sell every house currently listed. Notable is the 12-Month Change in Months of Inventory, which displays a 13.53% drop from the prior year, suggesting a tightening of supply.
Moreover, the average duration of homes on the market is just nine days, suggesting that they sell quickly after listing. The 99.5% List to Sold Price Percentage, which shows that sellers are getting almost their full asking price, lends more credence to this. Now is the perfect time to sell if you plan to sell in 2024, since buyers want to relocate before the start of the new school year.
Calvert County’s median sales price rose 4.4% in comparison to the previous year. The speedy sales, high selling prices, and minimal inventories all contribute to the $465,00 median sold price. This indicates that buyers are fiercely competing with one another for available properties, which drives up market prices.
All things considered, these figures point to a seller’s market with little supply and strong demand, which is advantageous for sellers trying to get the most out of their investment. In this competitive market, buyers must be ready to move swiftly and decisively to get a property. There’s little indication that the interest rate will drop very soon, while the monthly house prices continue to rise. It may be expensive for buyers who are holding out for a drop in mortgage rates.
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