With pandemic, housing market driving hot demand for home sales

Maryland

HAGERSTOWN, Md. (WDVM) — If you are paying attention to the residential real estate market, it is booming.

With people more tied to their homes because of the pandemic, buyers are looking to upgrade. Leanne Kuehnle with Long & Foster in Hagerstown says mortgage rates are at a 30-year low and some homes on the market turn over in a matter of hours. Bidding wars, she says, are common in this hot market. It is so competitive now, she says, that a seller can get several offers from which to choose in a single day.

“It is so much a sellers’ market,” says Kuehnle. “Interest rates are low. The demand for homes is high. And the supply of homes is low.”

In Washington County, home sales are up 40 percent over last year and the average sales price is up nine-and-a-half percent.

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