Anne Arundel County, Maryland is located in the central part of the state, between Washington D.C. and Baltimore. With a population of approximately 580,000, it is the fifth most populous county in Maryland. The real estate market in Anne Arundel County has been strong in recent years, and it is showing no signs of slowing down.
According to the Anne Arundel County Association of Realtors, the median sales price for homes in the county was $417,500 in March 2021, up from $387,500 in March 2020. This represents an increase of 7.7% over the course of a year. The number of homes sold in the county has also increased, with 762 homes sold in March 2021, compared to 576 in March 2020. This represents an increase of 32.3%.
The strong real estate market in Anne Arundel County can be attributed to a number of factors. Firstly, the county is located in a prime location for commuting to both Baltimore and Washington D.C., making it an attractive option for those who work in either city. Secondly, the county is home to a number of high-quality schools, which is a major draw for families. Finally, the county offers a wide variety of recreational opportunities, including parks, beaches, and boating, making it an attractive place to live for those who enjoy the outdoors.
Despite the strong real estate market in Anne Arundel County, there are still some challenges that potential buyers and sellers should be aware of. One of the biggest challenges is the lack of inventory. According to the Anne Arundel County Association of Realtors, there were only 1,072 active listings in the county in March 2021, down from 1,718 in March 2020. This represents a decrease of 37.7%. The lack of inventory has led to increased competition among buyers, which has driven up prices.
Another challenge in the Anne Arundel County real estate market is the issue of affordability. While the median sales price in the county has increased in recent years, wages have not kept up with the rising cost of housing. This has led to a situation where many residents are unable to afford to buy a home in the county, particularly in more expensive areas like Annapolis.
Despite these challenges, the outlook for the real estate market in Anne Arundel County remains positive. The county's prime location, strong schools, and recreational opportunities make it an attractive place to live for many people. As the economy continues to recover from the COVID-19 pandemic, it is likely that the real estate market in the county will continue to be strong, with increased inventory and continued demand from buyers.