Deep Creek Lake Real Estate Market Update | October 2023

September 2023

September kept true to the current trends we’ve been seeing throughout the summer. Overall, total active listings remain lower than past years, however, that gap is lessening as the 5-year-average is beginning to include 2020, 2021, and 2022 – where inventory first dropped. New Listings were down 10 homes from the 5-year-average, but only 2 homes when looking at Sept. 2022. New Pending Sales and Closed Sales were also lower than the 5-year-average, but the gap is less significant when comparing to 2022. It does seem like 2023 will be the new benchmark year, as the post-COVID frenzy is certainly over, and the market feels like it’s getting ‘back to normal.’

 

Year to Date – January -September 2023

Looking at the year as a whole when compared to 2022, most statistics are relatively flat or just slightly lower than last year. There have been 346 homes sold so far this year, compared to 414 in 2022, which is a 16% decrease. Total Dollar Volume is only down 8%, which shows that prices have remained steady if not slightly higher than in 2022. We’re starting to see the Days on Market statistics even out, with more homes selling in different ranges. That said, 55% of homes still sold in 30 days or less, with 35% selling in 10 days or less. Buyer interest and competition is still out there!

 

Buyers

Interest rates have not gone down, and most experts are not expecting them to decrease. As we mentioned earlier, it’s possible that we’re in the ‘new normal.’ Meeting with a local lender can help you get a better feel for programs that would be right for you in this current market, and what your future options may be. If you need to purchase a home, waiting for a ‘better time’ could cost you the perfect home or property. If the market – both interest rates and homes prices – aren’t expected to change, it’s better to purchase when you find the right property. The Railey Realty agents are the largest local network of agents – that means they have the inside track all the time! Starting your buying journey should include working with a lender and building a foundation with a REALTOR. Local agents who do this full-time offer you experience and expertise you can’t find anywhere else. Also, since Railey Realty agents list 60% of all new properties, it’s likely your agent might hear about the perfect property before it even hits the market.

 

Sellers

As told by Days on Market, there is still very strong buyer interest. Competition for well-priced homes in any section of the market remains very high. As we’re past the post-COVID frenzy, it’s going to take more than just listing your home online to get it sold quickly and for the most money. That’s where you Railey Realty agent comes in! As local agents, they know this market specifically. They know about properties that had multiple offers, they’ve toured properties similar to yours, and have the insider knowledge you only get from working here full time. If you have a hometown agent you want to support, or are maybe an agent yourself, the agents at Railey Realty are happy to take referrals! That way, everyone wins, including YOU getting the best local representation there is. Professional photography, videography, unparalleled brand awareness, and in-house marketing team are all standard practice here at Railey Realty. Don’t settle for less – we won’t!