If you're looking for a place to call home in the near future, consider Eastport. Our lovely town is situated on the East Coast and is ripe with opportunity. You'll fall in love with Eastport's charming seaside atmosphere and friendly people. There's always something going on in our vibrant community, and you'll never be bored here! Eastport is a great place to put down roots and start a family. We have excellent schools, parks, and recreation facilities. And, of course, who could resist our superb seafood? If Eastport sounds like the right place to call home, or if you are considering selling Eastport or other Annapolis property, you'll want to know what the market is expected to be like in 2023. In this blog post, we'll take a closer look at what's happening in the Eastport housing market and give you an idea of what to expect.
Why choose Eastport
As part of Annapolis, people are drawn to Eastport not only for the amenities of the larger city but for its location on the harbor, Restaurant Row, the Naval Academy, and the Annapolis Maritime Museum. The Annapolis area is also home to annual events like one of the East Coast's most popular Renaissance Festivals, the Military Bowl, the United States Powerboat Show, the United States Sailboat Show, the state's seafood festival, and an international film festival.
Market trends and predictions
With the mortgage rate rising from 3.1% to nearly 6% over the past six months, buyers may want to purchase sooner rather than later to lock in a lower rate. However, while rates are increasing, they're still relatively low compared to the historical average of around 8%. Even though the rate is rising, the market is still on track to favor sellers in 2023 for both Eastport and Annapolis.
Since January 2022, Eastport, MD, real estate has stayed on the market for under 60 days. Looking at the past five years of data, a conservative estimate predicts the days on the market to remain between 50-100 in 2023, which means sellers can expect to move from listing to accepted offer in between two and three months.
In looking at the Annapolis housing market as a whole, the median home price as of late September, 2022, was $477,555. The one-year outlook predicts a modest increase of under $10000 to $486,984, so buying may not be the right investment if planning to sell in under a year. However, the five-year outlook predicts an increase to $520,045, which is an over $40,000 increase. If you are buying in Eastport or Annapolis, you can expect solid growth on your investment if you retain ownership of the property for a minimum of five years.
Ready to work with The Tower Team to buy or sell Eastport real estate?
With a positive outlook for the Eastport real estate market in 2023, now may be the right time to start planning to buy or sell your home. If you're considering moving, contact The Tower Team for expert guidance on buying or selling in Eastport or other areas of Annapolis. The Tower Team is composed of experienced real estate professionals ready to help you navigate the market and find your perfect home. Contact one of the trusted agents at The Tower Team today to get started!