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July 2024 Real Estate Market Update for Anne Arundel County

Welcome to the July 2024 Real Estate Market Update for Anne Arundel County, Maryland. As your local real estate expert, I’m here to provide you with the latest market insights, trends, and key statistics to help you stay informed and make the best real estate decisions. Let’s dive into the numbers.

Housing Inventory

The current inventory in Anne Arundel County shows 632 active listings, which is a 6% decrease from last year.

Here’s a breakdown of the inventory status:

  • Active Listings: 632
  • Under Contract: 1029
  • Coming Soon: 120

Properties in the “Coming Soon” status are expected to be available within the next 21 days, adding more options for prospective buyers in the near future.

Interest Rates

The average interest rate for a 30-year fixed mortgage is currently at 7.08%, which has seen an increase of 8 basis points over the past week. The fluctuations in interest rates are influenced by various factors, including central bank policies, fiscal policies, and inflation rates.

Home Values

The median sales price for homes sold last month in Anne Arundel County is $503,475, marking a 1% increase from last year’s median price of $498,890. This steady rise in home values reflects the strong demand and limited supply in the market.

Days on Market

The median days on market for properties in Anne Arundel County vary by type:

  • Detached Homes: 6
  • Townhomes: 5
  • Condos: 5

These figures indicate how quickly properties are selling, which is an essential metric for both buyers and sellers to consider.

Market Trends

In summary, the Anne Arundel County real estate market remains competitive with low inventory levels, rising home prices, and fluctuating interest rates. Buyers should be prepared for a competitive market, and sellers can take advantage of the increasing home values.

Stay tuned for next month’s update, and feel free to reach out if you have any questions or need assistance with your real estate needs.

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