Buying a Home in Howard County: 2022 Summer Trends

It’s hard to imagine the real estate market ever being what it’s been like the last couple of years. Supply and demand have rarely seen such an impact on sellers and buyers alike. Mortgage rates are beginning to creep up, home sales are up, and home ownership is more desirable than ever before. 

In the Howard County area, we have seen some of the trends and a few others as well.

Buying a Rental Property

Even with mortgage rates rising slightly, the current situation is that rentals are not nearly as desirable in the rest of the country as they have been in the past. While in the rest of the country landlords are trying to recover their losses from the last couple of years making rent more expensive than ever, with less amenities, in Howard County purchasing a property for rentals may be more lucrative than ever. With the supply of homes available low and getting lower, even renters that were previously considering purchasing a home are staying put, or looking for a more suitable place to rent.

Buying a Home

Homes are in demand in the Howard County area, whether for purchasing as rental properties, or to find a place to be. As the population of Howard County increases so does the demand for housing. With more individuals working from home and families requiring space for home offices and study areas for homeschooling, the demand is currently far exceeding the supply of single family homes. 

Howard County is definitely a seller’s market at this time, and with increased job opportunities, growing industry, and the wealth of attractions and amenities, the trend is not expected to turn in the near future.

Trends To Be Aware Of

1. Appreciation rates for homes are higher than 50% of the rest of the country, and the trend is up. 
2. Property prices are also higher than other metropolitan cities, and they keep growing.
3. Purchasing rental properties is actually a good investment as the square foot price for rentals is over $200 less than the rest of the state.
4. Building permits for multi-family units are currently down but the increased demand should lower that trend in the next few months.
5. The ban on foreclosures is one of the many factors for the low supply of single family homes, both nationwide as well as in Howard County. This is not expected to change much in the next year.
6. More people being able to once again travel will help the vacation rental market recover.
7. Transitional Housing continues to be a good investment in the Howard County area as the economy shifts, new permits are issued to build housing, infrastructure, and facilities, and students get back to universities and colleges.

Overall, summer of 2022 will continue to be a sellers market. All properties are in demand and while new properties, industrial, corporate, and housing are slowly being able to get permits again, the demand will remain higher than the supply for the near future.

We have homes for sale in the Howard County area and we want to help you find a place to hang your hat. Whether you’re looking for a new home or ready to sell the home you're in, contact Vsells & Associates today.