By: Bob and Donna McWilliams
Now that 2014 is solidly in the history books, it's always interesting to look back and evaluate what kind of year it was from the perspective of real estate.
There are a wide variety of measures that can be used to determine if it was a good year, bad year or just so-so. For this exercise, we'll keep it simple and look at two basic data points that are what most people ask about. Those include changes in selling prices and how many homes sold. As a point of comparison, we'll also go over the numbers for both Anne Arundel County and the mid-Atlantic region as a whole.
Prices: On an annual basis, the decline in home prices (for both Anne Arundel County and the mid-Atlantic region) hit bottom in 2011. At that time, the median price in Anne Arundel was $280,000; for the mid-Atlantic, it was $259,000. From that low point, we've seen steady growth over the past three years, with the 2014 median price rising to $313,000 in Anne Arundel and $304,000 for the whole mid-Atlantic region.
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