Frederick Md Real Estate Market
February saw a healthy real estate market. Let’s see some highlights of the real estate sales for the city of Frederick:
New listings were up over 4% from a year ago. This is an indication that people are jumping into the “spring market” early to list their homes for sale. The number of active listings is significantly above the 5-year average for the City of Frederick. More homeowners are seeing their home values return and are able to put their homes on the market.
More homes went under contract this February than last year, even with a shortened number of good days to view homes. New listings were up 12% over last February. More homes went to closing as well, 13%. These are all good signs toward a robust spring market ahead.
Under Contract (Pending)
The average sold price in February was $297,000. Up
The median sold price was $259,000, up 6% from last February, the trend has been upward, as it was above the 5 year average and higher than January.
The number of days on market (DOM) was 68. Lower than the 5-year average of 86.
Of the 141 homes that sold in February in Frederick City, 54 were single-family homes, 66 were townhouses, 5 duplexes and 16 were condominiums. The average selling price of single-family homes was $359,568, and increased 5%, while the average selling price of attached homes was $222,370, and was relatively flat year over year..
Interest Rate Update
Interest rates are still hovering at historic lows, even though the Fed has begun to very gradually raise rates. Average mortgage rates have been under 4% for weeks. The 30-year fixed-rate hovered between 3.8% and 3.9% during the month of February. The 15-year fixed-rate average inched up to 3%.
Contact us to see what your Frederick City home is worth: