Seeing all the festive decorations and Christmas lights in every neighborhood is enough to convince any renter to purchase a home during the holiday season. Buying a home this time of year means you could be offered a lower price from your Frederick mortgage lender than you could if you purchased a home during the peak buying season.
So, to help you get started, your local lender has listed the most current residential market update for Frederick County and the surrounding areas.
Frederick County Market Update
According to realtor.com, the median sold price for all property types in Frederick County has been getting more and more expensive over the past three years. In December 2015, the median sold price was $252,500 and increased approximately 5% to $265,00 the following year. By December 2017, the median sold price increased an additional 13.2% to $300,000. The current median sold price for December 2018 is $305,000, which is an approximate 1.7% increase over the past year and a 20.8% increase since 2015.
Since the median sold price has been getting more expensive over the past three years, it is expected that the prices are going to continue to rise in the near future. Therefore, it would be in your best interest to lock in a rate for a home loan in Frederick before they increase in price.
Montgomery County Market Update
The median sold price for Montgomery County has also increased over the past three years. In December 2015, the median sold price was $385,000 and increased to $415,000 by 2016. One year later, the median sold price dropped to $410,000 and the current median sold price increased to $450,000 by 2018.
Carroll County Market Update
The Carroll County market statistics follow the same trends as the other counties. In December 2015, the median sold price was $257,800 and rose to $299,900. By December 2017, the median sold price was $275,000 and by 2018 the price had jumped up to $308,000.
Howard County Market Update
In Howard County, the median sold price for December 2015 was $375,000 and one year later the median sold price increased to $397,500. By December 2017, the median price sold was $405,000 and by 2018 the median price had risen to $415,000.
For more information on the current residential market updates for the local region or if you would like to get started on an application for a home loan, please contact your local Frederick mortgage lender, Weinstein Home Loans, at 301-514-7889.
Book your complimentary consultation now!