Real Tea: Randallstown 2017 Market Review
In 2017 over $70,000,000 of real estate exchanged hands as 313 properties were sold.
These results yielded a 10.83% decrease in overall volume from 2016. The average days on market was 44 days, a 40.54% increase from 2016, when the average days on the market was 74 days.
The average price of detached homes increased 6.72% to $237,982 while attached homes increased 1.84% to 177,767.
Buyers are continuing to take advantage of the low interest rates and mostly using FHA loans. In fact, 38% of buyers used FHA loans.
For those hopeful for cash buyers, you may sleep better knowing that 24% of Randallstown’s 2017 transactions were all-cash.
In 2017 there was less inventory, but it took more time to get it absorbed by the market…that’s means it was a slower year, and there’s nothing wrong with that considering prices continued to rise.
Detached (single-family homes) sold at an average price of $237,982. This pool of detached homes consisted of 6 – 2 or less bedrooms, (102) 3 bedroom homes, and (161) 4 or more bedroom homes. While attached (townhomes and duplexes) sold at an average price of $177,767. This pool of attached homes consisted of (44) 3 bedroom homes and (22) 4 or more bedroom homes.
According to the trends of 2016 and 2017 April is the time of year to sell real estate in Randallstown.
A quick glance at the upcoming 2018 Spring Market the current average price per square foot is $144.
22 properties sold in January 2018 including 10 detached (single-family) and 12 attached (town-home). Therefore, we still have many more sales ahead of us.
5 of these selling within the first 10 days on market…a clear indication that the best inventory goes quickly.
Why buy in Randallstown?
It helps that there are many popular new eateries such as Colin’s Seafood, Grind and Wine Café, banks such as The Harbor Bank of Maryland and a host of grocery stores and other businesses that provide a variety or goods and services to the community. Rubbing elbows with Owings Mills, home of the new Foundry Row, Randallstown definitely offers impressive value for homebuyers.
Interested in buying or selling in Randallstown? Work with a professional who knows the market.