Dial it back to 1997, when Howard
County's housing prices began their
upward value trend, starting at an average of $190,000, add nearly $25,000
value per year for ten years, skyrocketing to a whopping average sales price
of $470,000 by the end of 2007.
Then the housing
"bubble" burst, and values decreased, by about $40,000 per year, for two
solid years, bringing the average price back down around $390,000, yet still more
than double what they were worth in the late 1990s. Then, the value
wave revved up again. Home values in Howard
County rose an average of $10,000
per year for the next ten years, approaching an average sales price of
$500,000 by 2020.
As of now, the current average sales price of a home in Howard
County is $560,000. Though values
fluctuate, that means many homes are still appreciating in value by an
average of $20,000 per year.
Plus, most homes are selling in less than one week,
according to recently published market trends, with many sellers receiving multiple
offers tens of thousands of dollars above asking/listing price.
Of course, this is just a snapshot of one Maryland
county's home pricing trends. All areas are different, but this helps gauge
the market in general, adding to research for making informed decisions
when you decide to buy and/or sell homes.
Sources:
https://www.redfin.com/county/1322/MD/Howard-County/housing-market
https://cc.howardcountymd.gov/sites/default/files/migrate/files/02092021%2520HCAR%2520Market%2520Presentation%2520-%2520Racial%2520Equity%2520Task%2520Force.pdf
Research compiled by:
Sean David Cohen
Realtor®*
Keller Williams Realty Centre
8825 Stanford Blvd, Suite 100
Columbia, MD 21045
Mobile: 757-404-3387
Email: seandcohen@kw.com
Office:
410-312-0000
Website: https://seandcohen.kw.com/
*Helping Home Buyers and Sellers Make Informed Decisions
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