HAGERSTOWN, Md. (WDVM) — The real estate market has been booming since the start of the pandemic. The market in Washington County is no exception.
The Hagerstown area has been attractive for relocation from areas such as Washington, D.C. Workers can be on the job remotely now. They don’t have to go to the office. Housing is a lot more affordable in Washington County than in and around the Beltway.
Mortgage rates have been on the rise. One would think that would slow down sales, but that has driven up cash offers for homes, leaving first-time buyers on the sidelines.
“In that $750,000 and up, I don’t see the multiple offers. But I do see the multiple offers in that $150,000 to 400-thousand dollar range we are seeing six to seven offers per property,” said Cathy Wantz, principal with Real Estate Today.
Last year the median sales price of a home in the U.S. was just over $300,000. A year later it is now well over $350,000, a 15 percent jump in just 12 months.