The local real estate market is HOT!

by Sharron Cochran 06/23/2020

The spring real estate market is amazingly robust - we are still seing multiple offers! With states reopening across the Mid-Atlantic and Northeast, we’re seeing more buyers on the search for a new place to live and sellers listing their homes. Mortgage rates have hit all-time lows, giving many buyers more purchasing power, and with limited inventory, sellers have increased opportunities for maximum returns on their investments.

Here are a few of the trends in real estate this past week.

Inventory remains down. The number of homes for sale, as well as those that are coming soon and temporarily off the market, has been flat the past few weeks, but it went down about 5%.

New listings are off slightly year-over-year. While the weather and the market are warming up, there weren’t as many new listings this past week.

More homes went under contract. Compared to this same time last year, there were 9.6% more new contracts on properties, and showing activity is up significantly.

If you’re thinking about selling or buying, let me know. I’m happy to answer any questions you might have and walk you through the virtual real estate process that we have at Long & Foster. As always, stay safe!

About the Author
Author

Sharron Cochran

Hi, I'm Sharron Cochran and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.