Market Update: Owings Mills, Timonium, and Lutherville Equity Mortgage
As your local Lutherville mortgage lender, we are always up to date with the changes in the residential market. Knowing how the prices were over the past three years can help predict what the prices are going to be in the future. Having offices in Owings Mills, Lutherville and Timonium, Maryland, we are experts on the local market trends.
Owings Mills Market Update
According to Realtor.com, the median listing price in Owings Mills is $260,000. In February 2015, the price was listed as $224,900 and the following year rose only 0.04% to $225,000. By February 2017, the price was $255,000. Comparing February 2015 to 2018, the price increased almost 16%.
With this steady incline in prices, it is suggested that the housing costs are going to continue to rise.
The price per square foot has also continued to increase over the past three years. In February 2015, the square footage price was $139, and now the price is $155. This 11.5% states that the real estate in Owings Mills is becoming more valuable.
Timonium Market Update
Realtor.com for Timonium displays more of an inconsistent market fluctuation over the past three years than Owings Mills. The median listing price for Timonium in 2015 was $159,995 and jumped to $335,000 by February 2016. In February 2017, the peak medium listing price was reached at $525,000 and dropped almost 21% to $415,000. With this decline in home prices, now would be a good time to purchase a home in Timonium, Maryland.
Lutherville Market Update
In Lutherville, the median listing price has fluctuated more than Owings Mills and Timonium. Realtor.com shows the listing price as $322,000 in 2015, and lowered to $319,000 by February 2016. In 2017, the median price was listed as $365,000 and the current 2018 price rose almost 48% to $540,000. The price per square foot has also increased from $163 in 2015 to $230 now.
This implies that the real estate value is high in Lutherville and that the area is becoming more popular. If you are looking for a Lutherville mortgage, this change in the market could be a way for you to negotiate better rates.
For more information please contact the Mortgage Emporium team at 905-421-9330.