Frederick Md Real Estate Market
January saw a healthy real estate market, considering Winter Storm Jonas had people housebound for more than a week. Let’s see some highlights of the real estate sales for the city of Frederick:
Although new listings weren’t taken at the rate they were a year ago, there were more than the previous month. This is an indication that people aren’t waiting until the typical “spring market” 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 January than last year, even with a shortened number of good days to view homes. More homes went to closing as well. These are all good signs toward a robust spring market ahead.
Although the median sold price was down a bit from last January, the trend is still upward, as it was above the 5 year average and higher than December.
It took a little longer to sell the homes that closed this winter…understandable. Everything takes longer during a harsher winter.
Of the 100 homes that sold in January in Frederick City, 52 were single-family homes, and 48 were attached units, of which 15 were condominiums. The average selling price of single-family homes increased 5%, while the average selling price of attached homes decreased 10%.
- 24% of homes sold in the $200k – $300k range
- 23% sold in the $150k – $200k range
- 22% sold in the $300k – $400k range
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. After falling for eight straight weeks, the 30-year fixed-rate average inched upward twice, last week and once again this week, rising to 3.68% with an average 0.5 point. The 15-year fixed-rate average inched up to 2.96% with an average 0.5 point.
Contact us to see what your Frederick City home is worth: