Hello, my name is Lori Duke. I live in the North End and I love this community. This is an amazing neighborhood with affordable housing and access to one of the top downtowns in America. You and I are a part of what makes Frederick a great place to live, because the rest of the country now knows our secret! The average price for a home in our area is up from last year! There are also more buyers than sellers in the marketplace.
The news is good for the housing market and its good news for our neighborhood! The North End enjoyed rising momentum through 2013. Rising prices are a principal reason for optimism. The limited supply of homes on the market helps explain the ongoing increase in home prices.
According to Gallup polls nearly three in four Americans say now’s the time to buy, an attitude that could increase home buying activity and home values over the next year. And the expectation that home prices will rise is further fueling the buy-now belief. Back in 2011, only 21% of Americans expected home prices to rise. Today, 56% of those Gallup polled expect local home prices to increase.
For the most part the prescription is in place for a solid spring selling season. Mortgage rates are low and stable and prices are rising. The first time homebuyer stands to be particularly active because apartment dwellers are more likely to consider homeownership as a viable option to rising apartment rents. For our neighborhood the outlook is especially promising because first time homebuyers are out in full force with the support of lenders willing to work with them.
As a Realtor, I can see evidence of the power of community reflected in rising real estate values in the North End. Here are some facts you might find interesting about the 21701 zip code and the North End Real Estate Market:
- Average price of an attached home is $254,500
- Average price of a detached home is $306,000
- Recent home sellers are receiving 94% of their asking price
- Homes are on the market for an average of just 81 days
- Homes in the historic district are on the market for fewer days than the rest of 21701
- There are 139 homes listed for sale in the 21701 zip code North End