Maryland: May 2021 data at a glance, by

from The Power Is Now Magazine | May, 2021

CELEBRATING CINCO DE MAYO IN STYLE

By Emerick Peace

MARYLAND MAY 2021 AT A GLANCE

The 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.

• 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.

• 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.

• MILLENNIALS ARE THE BUYERS TO WATCH.

They are not only the largest group of homebuyers in the coming season, but as May sets, the millennials are expected to remain the highest number of house buyers. This is one factor that will keep the housing market in Maryland despite the beating and flattening experienced in the last 12 months. In Maryland and across the nation, the housing market is boosted further by recent research findings by Realtor.com that home buying continues to remain more cost-efficient than renting. This means the millennials in their millions will remain a pillar of the housing market as they continue to reach their home-buying age.

• THE VACCINE EFFECT.

The millennials will be joined by families that have felt the ease in the constraints of the Covid pandemic. As the vaccine spreads in Maryland, things are brightening, and more home buying inquiries are expected in May and the rest of 2021. The Covid19 apprehension may have affected potential sellers in the last year. A vaccine Rollout in Maryland will ease that pandemic seller panic and release more

• WORKING FROM HOME MEANS MORE THERE

IS A NEED FOR SPACE AT HOME.

This also means that people have been adjusting by needing a new home or a spacious property. This is part of what increased buyer demand during this season. The vaccine uptake this May will ease this phenomenon.

The month of May comes with existing economic and health challenges that continue to suppress the real estate industry’s growth in Maryland. Looking at Maryland this May, the industry continues to be slowed by Covid19 consequences. However, as the Corona vaccine rollout improves, expect to see the light at the end of the tunnel.