2020 will be remembered for a number of things… but the story in Real Estate is all about plummeting housing inventory. Even before the COVID-19 pandemic disrupted everything, 2020 started with strong conditions favoring Sellers. However, as unprecedented uncertainty around our health, economy, social structure, and political environment rocked our nation, many potential Sellers froze in place. Understandably, many Marylanders were less inclined to disrupt their lives further by putting their homes up for sale. This diminished housing supply, combined with steady Buyer demand propped up by historically low interest rates, resulted in astounding price increases across the State.
