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Getting insight into the median home sale prices in Annapolis, you can see the market trends fluctuating between $619k to $625k as evaluated on redfin and realtor. The research data collected in August 2024 showed a swift increase of 3.6% in Annapolis housing market 2024, surpassing the last year record. Moreover, the median home listing prices per square feet lies from $300-$319 as defined by redfin and realtor. Furthermore, the number of houses sold in Annapolis every month varies and are on a higher average compared to last year. Besides, the average time for homes to sell in the Annapolis market is 27-29 days with varying sale prices compared to listing prices.
Is Annapolis a Buyer’s Market of Seller’s Market?
Annapolis housing market 2024 is very dynamic, intense, and booming compared to the previous years’ data record. However, the fluctuation between the buyer’s market and seller’s market due to the variations in supply to demand ratio occurs every month to every year. For example, the houses sell 2% below the listed price in July 2024, enlisting the city market as buyer’s market in July. A slight increase in the inventory rates compared to the years 2020-2022 is the reason for real estate market trends shifting towards the buyer’s market. Indeed, the housing prices in Annapolis are higher than the national average and increasing every year. Plus, a slightly slow increase in prices compared to the previous years causes the shifting of the market to buyer’s side. But, there are some areas where the market trends are still in the seller’s favor due to their location and amenities.
Annapolis Real Estate Market Trends 2024
Several factors affect the real estate market trends of any city, causing challenges for both buyers and sellers.
Higher Inventory rates
According to movoto, 323 active homes and around 31 new homes are on sale in Annapolis, contributing to higher inventory rates compared to the last few years. Moreover, constructors are completing new projects and sellers are opting to sell their properties at slightly higher rates in 2024. This has reduced the high competition in the market compared to hot market trends last year. However, there is still a great demand for buyers, as 3% of buyers are shifting to Annapolis and searching for properties in this capital city.
Moderate Increase in House Pricing in 2024
Increased amenities, family-friendly environment, and overall economy causes housing prices in Annapolis to rise every year. However, reports from various real estate evaluators show a moderate increase in the prices in 2024 as compared to the large listing and selling prices of the years 2022-2023.
Higher Demands for Green Housing
Over years, there is a brimming popularity and increasing interests in green housing and eco-friendly communities in Annapolis. Buyers are looking for the societies and housings that offer advanced and cutting-edge technologies with reduced effects on the environment. Additionally, the constructors are incorporating energy-efficient amenities and features to attract buyers. For instance, Annapolis Green Construction and many other home builders are designing green houses in Annapolis.
Exclusive and Prime Real Estate Areas
Due to its maritime attractions and historic landmarks, many neighborhoods are considered as the prime real estate areas. Significantly, they are under high demands, adding higher listing and sales price of houses in these areas. For example, the Historic downtown, Eastport, Hillsmere shores, and other waterfront and historic areas are driving sales properties. The hot homes sell at approximately 3% above the listing price and stay 7-10 days pending on the market.
Higher Mortgage Rates
The mortgage rates or interest rates in Annapolis are higher and less affordable for the first-time buyers. The recent mortgage rate for 30 year fixed loans is 5.875% and 5.250% for 15 years fixed loans. To boot, these higher mortgage rates create challenges for buyers and cause an increasing trend towards the suburban areas. The interest rates of property are less in suburban sides where people can enjoy privacy, spacious areas, and connection with nature. The higher property selling rates in Annapolis suburb areas in 2024 compared to the last few years are reported in real estate market trends.
- Buyers should set everything related to the pre-mortgage approval before starting house searching in Annapolis. Moreover, the predefined outlook on your finances and income will give a serious impression on the seller. Since the mortgage rates are fluctuating, buyers should keep their search wide and lock the deals in the most affordable package.
- Furthermore, it is necessary to make your mind about the desired area to buy a property in and know all your needs and amenities of that particular place. Get in touch with a local real estate agent or a company, like Lifetime Client Group in Annapolis. It helps you collect the details of different property venues and changes to negotiate with the sellers. Furthermore, these real estate agents can assist to grab the best and affordable deals before desired homes sell out.
- Annapolis housing market 2024 is more competitive for sellers, as the buyers are more drawn towards the energy-efficient houses. Besides, the demands for accessible locations to all areas of Annapolis creates competition among sellers in desirable neighborhoods.
- Highlights the eco-friendly and energy-efficient features of the house to attract buyers. Moreover, staging the houses to add unique and trending features and interior decoration can add more value to your property. Design the homes according to the most demanding envisions of the buyers these days.
- Last but not the least, sellers should price the house strategically and realistically to captivate more buyers. Over-pricing and high mortgage rates can push clients to other sellers, causing delay in selling.
Conclusion
The housing market trends in Annapolis are under continuous fluctuations due to various factors. Potential buyers and sellers should evaluate the latest real estate market trends in Annapolis to get the desired results. Additionally, Annapolis attracts many homebuyers to shift in this city due to its historic significance, maritime past and beauties, and increasing economy. These factors add more percentage to overall housing prices in Annapolis.
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