By Emerick Peace
T
he pestilent fumes of the pandemic will finally subside as the year 2021 drags its feet towards the end, but the last one year of the Covid19 menace has been challenging to individuals and businesses. However, the beautiful thing is that the real estate industry has always unleashed the power of resilience, and things are looking brighter every day of 202. The industry in Maryland as it is across will weather the storm. It will not crash. The waves of disruptions may have temporarily dampened the mood, but things are looking up from a distance, and the coming annual quarters of 2021 will undoubtedly show improvement.
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HIGH DEMAND AND LOW SUPPLY. Based on the first quarter of 2021, the demand for houses remains high while the supply dwindled significantly. As May sets in, buyers who had difficulties concluding a purchase will be relieved as listings start to increase towards Spring’s high season. However, the pace of increase will remain incrementally low and will affect the housing median prices and mortgage rates. May is the peak of the housing market’s season, and we expect that the market supply will increase.
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HIGH HOME PRICES AND MORTGAGE RATES. From March, the home prices have seen an upsurge due to the low supply, the month of May is expected to experience a median home listing price of more than $370,000. The prediction by Realtor.com indicates that the prices for the remaining year may increase by up to 8% than was last year. The housing prices will drop as the year 2022 sets in, and it is expected that demand will soften as supply increases in Maryland. The housing shortage will persist because of the slow pace of homebuilders keeping up with the public demand.
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MARYLAND MAY 2021 AT A GLANCE
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