The current average mortgage rate in Southern Maryland is 7.12% as of July 3, 2023. Depending on your credit score and debt-to-income ratio you may qualify for a better rate in the 6% range. If you’re planning to purchase a home in the $400K price range, your monthly payment would cost roughly $3379 per month including a downpayment of $12,000 or (3%). Keep in mind that you can always refinance the house once there is a significant drop in interest rates. There’s a lot of volatility in the mortgage market so interest rates can go up or down in a matter of months. Don’t be afraid! If you can afford to buy a home now, do it! You’ll reap the benefits in the years to come.
Real Estate Market Conditions
Angelo Rhodes, Realtor Taylor Properties 240-535-1855 email: [email protected]
The real estate market in Bowie, MD was hot in 2021! Home sales for single family (detached) homes were up 11% from 2020. The average single family home in Bowie, MD sold for $504K in 2021. However, a better number to use is the "Median" price. The median price for a single family home sold in Bowie, MD in 2021 was $462K.
There was a total of 1158 homes sold. It took only 13 days average on the market before a buyer ratified a contract to purchase.
In the million-dollar range - 16 homes in Bowie sold for $1M plus. The most expensive home in Bowie, MD sold for $2.2M in the Woodmore neighborhood. The million-dollar neighborhoods in Bowie, MD are Collingbrook, Waterford, Westwood, Woodmore, which includes The Woods of Woodmore, The Preserve at Woodmore, Woodmore North, and Mount Oak Estates.
Here's a picture of the house that sold for $2.2M.....
Here's a picture of a home in Bowie that sold for the median price of $462K...
If you are looking to buy or sell a home in Bowie, MD please call me at 240-535-1855. Angelo Rhodes, Realtor
Homes for sale in Prince George's county have been on the rise over the past 12 months. Some properties have sold for more than the listing price and sellers are receiving multiple offers.
As 2021 approaches, now is the time to begin asking questions while preparing to sell your home. If you are interested in selling your home please give me a call at 240-535-1855. I am offering a free Comparative Market Analysis (CMA) to help you determine a listing price.
If you are considering selling your current home in Upper Marlboro, you will want to obtain a FREE Market Analysis of your home so that you can accurately price it for sale! I'll take a look at recent comparable "sold" properties in your neighborhood, compare the age, square footage, style, upgrades, days on market, etc. I'll have this report ready for you in 30 minutes!
Contact Angelo Rhodes at 240-535-1855 for your free home Market Analysis also known as a Comparable Market Analysis (CMA).
You might ask, "what exactly is a seller's market"? Simply put, it's when there are more buyers than there are houses for sale. Prices rise in seller’s markets due to strong demand and inadequate supply. Over the last 12 months more than 1600 properties have sold in Upper Marlboro. Yet, there are currently only 400 homes for sale or "active" in Upper Marlboro.
If you are a potential home buyer in Upper Marlboro, chances are the "seller" may receive multiple offers on his/her home. In this case the seller will want a full price offer and is more likely to pay only half of your closing costs. Still not a bad deal though!
If you are looking to buy or sell a home in Upper Marlboro, MD consult with me and I'll give you the best possible real estate market advice available. Contact me at 240-535-1855 or mailto:[email protected]