Are Home Values Rising?

People want to know if their home is worth more than last year. They often ask, “How’s the Market?” Well, the good news is that the overall home prices have increased this year. The year-to-date median sales price in Anne Arundel County is up 3.2%. In Calvert County, home prices have seen a 5% increase. This chart breaks down some local zip codes showing the year-to-date median sales price for 2017 as compared to 2016, as well as the subsequent percentage of increase or decrease.In an area as rural as Calvert and Southern Anne Arundel, however, there are factors that can exaggerate these numbers. For example, if a city (zip code) is very small, then even a few high, or low, sales can swing the overall numbers in one direction or another. Other factors that can skew overall zip code data can be sales in new construction or the number of waterfront homes that have sold during the time period analyzed. You can have a local realtor do a Comparative Market Analysis (CMA) of your home to get personalized data of your home’s current value.According to Metropolitan Regional Information Systems (MRIS), here is the latest year-to-date comparison in local median homes sold and the percentage of change.