Howard County, conveniently situated in the center of Maryland between Baltimore and Washington, D.C., offers a blend of the excitement of a global city with the charm of a historic past. Leading educational and medical facilities, upmarket shopping, and first-rate leisure and entertainment are all easily accessible.
Howard County is currently surrounded by 50 federal agencies, universities, Fortune 500 firms, technology, defense, and healthcare companies. It also has a dynamic, vibrant economy and a friendly business climate.
Howard County housing market forecast 2023
In the Howard County housing market forecast, home values are expected to continue to increase. This is supported by the data showing an increase in median sale price compared to last year.
Throughout June, 356 units were sold
, indicating a 3% increase compared to May 2023. However, this figure signifies a substantial decline of 26% compared to June 2022.
The median sale price in Howard County experienced an upsurge of $623,000, up from $580,000 the previous year.
Average days on the market are up from 8 to 10 compared to last year, but such a short time on the market shows a hot demand, despite the increase.
However, interest rates are predicted to rise, which may impact the affordability of homes for potential buyers.
Landlords may find investing indicators favorable as the low inventory and high demand could lead to increased rental prices and reduced vacancy rates.
Lastly, a positive net population increase in Howard County indicates that more people are moving into the area, which can contribute to a thriving real estate market.
Home values are increasing
Home values in Howard County have experienced a notable increase, reflecting the upward trend of the real estate market. In June 2023, the median sale price increased by $43,000
compared to last year.
The current median sold price is higher than in May. This indicates a strong demand for homes in the area and suggests that homeowners can expect their property values to continue rising.
Rising interest rates
Amidst the ebb and flow of economic forces, interest rates act as the tidal currents that shape the course of the housing landscape. Currently, interest rates are on a rising trajectory, which has implications for the Howard County real estate market in 2023.
As interest rates increase, borrowing costs for potential homebuyers also rise. This can lead to a decrease in buyer demand and potentially put downward pressure on home prices.
Investing indicators currently favor landlords
Given the current trajectory of rising interest rates, landlords in Howard County may face unfavorable investing indicators in 2023.
Higher interest rates typically lead to increased borrowing costs for real estate investors, impacting their profitability.
Additionally, higher rates can reduce affordability for potential homebuyers, increasing demand for rental properties.
Negative net population migration
Negative net population migration can be likened to a swift current pulling away from Howard County, potentially impacting the area's housing demand and overall growth.
However, there is an overall increase in population, increasing demand for housing and thus leading to hotter market activity.
Howard County median home prices 2023
Home prices have increased in Howard County, reflecting rising property demand and indicating potential growth in the local housing market.
The median sale price
for homes in Howard Country as of July 2023 was $538,123, an 8.8% increase from the same time last year. These figures suggest a positive trend and may interest individuals considering buying or investing in real estate in Howard County.
Howard County real estate market: should you invest?
There are some noteworthy neighborhoods in Howard County, specifically Ellicott City, Elkridge, Columbia, Clarksville, and Fulton. These areas offer unique benefits for potential investors.
Ellicott City is less than a 20-minute drive from Baltimore. Residents in this charming town enjoy a suburban atmosphere, and most own their homes. With its convenient location and range of rental options, Ellicott City provides an attractive choice for individuals seeking control over their housing decisions.
Elkridge is just a short drive from Baltimore. It is known for its proximity to exceptional public outdoor areas such as Patapsco State Park. This offers individuals seeking control over their housing options the opportunity to enjoy both the convenience of city living and access to scenic natural spaces.
Young professionals and families seek this vibrant community due to its local amenities like shops, restaurants, and parks. It also boasts a thriving business environment. Designed with a focus on creating a seamless integration of residential, commercial, and recreational spaces, Columbia offers residents a vibrant urban environment while maintaining a strong sense of community and green spaces. A handful of the top community amenities include the Middle Patuxent Environmental Area, Cedar Lane Park, Wilde Lake Park, the Fairway Hills Golf Club, and the Columbia Mall.
Clarksville exudes a serene ambiance that combines natural beauty with suburban charm. This idyllic community is renowned for its lush greenery, scenic trails, and close-knit atmosphere, offering residents a peaceful escape from the hustle and bustle while maintaining convenient access to nearby cities like Baltimore and Washington, D.C.
Fulton offers a harmonious blend of rural tranquility and modern convenience, with the Patuxent River creating an aura of natural beauty. Known for its sprawling landscapes and gorgeous countryside, Fulton provides residents with a serene backdrop for suburban living. This charming community boasts a selection of upscale amenities, green parks, and easy access to major highways, making it an attractive destination for those seeking a balanced lifestyle with a touch of countryside charm.
Howard County is a complex market
The real estate market in Howard County, Maryland, has experienced fluctuations in sales and inventory, but prices have shown a steady upward trend. The median sale price is also up, and as such, investing in this real estate market remains promising.
If you’re ready to enter the Howard County real estate market, there’s no better team to have on your side than VSells & Associates
. With extensive knowledge in the Howard County real estate market and a high degree of professionalism, they can help you make your investment happen.