The city of Lutherville, located within Lutherville Timonium, Maryland, has a very healthy real estate market with stable sales prices and very low foreclosure rates.
In the most recent reports on the local market, the median value of homes in Lutherville was recorded at $365,452, which is only slightly lower than the median value of $367,100 that was recorded for all of Lutherville Timonium. Overall, home values have increased by around 2.1% since this time last year and are anticipated to rise around the same amount by this time next year.
Of the homes that are currently on the market in Lutherville Timonium, the median list price has increased to $395,000, while the price of homes that were actually sold in the area recently has stayed closer to $325,476.
The real estate market in Lutherville is made up primarily of one to four bedroom single-family homes and apartment complexes. The majority of these homes are owner-occupied, which means there is not a significant amount of renting going on in this area.
The number of empty homes and apartments in Lutherville has dropped below 10%, placing Lutherville vacancy rates below more than 50% of cities in the United States.
The number of homeowners who are delinquent on their Lutherville mortgages is down below 1%, meaning there are only about 60 foreclosures for every 10,000 occupied homes. This is a great sign of the stability of the local market.
As a local mortgage professional, I love to be able to help my clients invest in such a healthy and stable real estate market. Purchasing real estate can be an intimidating process and I am here to make sure you are educated as much as possible about the local market and your financing options before you make any decisions about the purchase of your new home.
If you would like more information on how the local Lutherville market can affect your mortgage options or how to get started with your mortgage process today, give me a call! I am always happy to answer questions and help in any way that I can!