The residential real estate market in Odenton, Maryland’s, Piney Orchard community has not been this slow in 30 years — all because there are not enough homes to purchase. Buyers are out there, however, and they are paying record prices for the few homes that are for sale.
The normally thriving residential real estate market centered around the U.S. military’s Fort Meade, Maryland, complex is currently stuck in the mud, thanks largely to elevated mortgage interest rates and a critically short supply of homes for sale.
The latest housing market figures for Odenton, Maryland, which borders Fort Meade, show that the number of closed sales and the number of newly listed homes is at a generational low. Many sellers who purchased homes in recent years were able to do so with mortgage interest rates in the 3% to 4% range. Now, they are reluctant to sell their properties and face buying a new home with a 7% to 8% mortgage.
The good news for home owners who live in Piney Orchard, one of Odenton’s most popular communities, is that sale prices are at an all-time high. In addition, buyers are snapping up for-sale properties in Piney Orchard as soon as they come on the market.
Home sales data for the Odenton, Maryland, community of Piney Orchard. Odenton is directly adjacent to Fort Meade, Maryland.
In March, the median sold price for a home in Piney Orchard was $513,000, up 20.9% from the same time a year ago. The median “days on market” for Piney Orchard homes was 4 days, meaning homes in the community sold 55.6% faster than in March 2023.
But buyers need not fret. If you or someone you know is looking to purchase a home in the greater central Maryland area, hope is not lost. Contact Jerry Kline, with Keller Williams Flagship of Maryland, today. His 13 years of experience buying and selling homes for clients will help you find you the perfect home in no time – even in this environment.
