Page 52 - Garrett County 2023/2024 Visitors Guide

QUALITY OF LIFE: HOUSING OPTIONS
PHOTO BY KRISTEN FISCHETTI – HIGHER FOCUS STUDIOS
PHOTO BY KRISTEN FISCHETTI – HIGHER FOCUS STUDIOS
PHOTO BY SARAH DUCK
DEMAND FOR GARRETT COUNTY HOUSING
AS HIGH AS EVER
During the early stages of the pandemic, Garrett County saw an unprecedented real estate boom, as buyers flocked here in search
of a beautiful home whose rural surroundings would make social distancing easy.
In the spring and summer of 2022, demand for housing in the county remained high, driven in part by vacationers who visited Deep Creek for the first time in 2020 or 2021 and decided to buy a second home here, despite rising interest rates.
“The higher interest rates come up in every conversation, but everybody still likes Deep Creek and wants a house here,” said Jon Bell of Railey Realty (railey.com) in McHenry. Bell also noted that local banks offer different kinds of loan products, some of which come with interest rates around 4.5%, as opposed to the 6 or 7% buyers may expect based on news coverage of the mortgage landscape.
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According to Railey Realty’s most recent monthly analysis of the real estate market (published in late December 2022), market activity slowed down a little in
the fall and winter months, with 31 sales closing in November compared to the average of 41 for the month. However, the average period a house spent on the market in 2022 (41 days) is significantly lower than it has been in the past (e.g. 151 days in 2019), suggesting a healthy, active market. Average sale prices have also been rising, from $348,807 in 2019 to $556,861 in 2022.
Despite that increase in home prices, many homeowners are choosing not to sell, Bell said. “People often sell because they want to upgrade, but all the houses around here are nice anyway, so once people get a house, they want to keep it.”
However, that doesn’t mean there are no options for buyers. According to Railey Realty’s analysis, there were 32% more homes for sale this past November when compared to November 2021. Buyers looking for deals may want to consider buying in the fall, when those sellers who missed a summer sale will adjust their price to sell before the year’s end.
Another option for buyers: building
a home of their own. It’s an option
many new residents and returning vacationers are taking advantage of,
as shown by the nearly 400 new home starts the Deep Creek area has seen in 2022. Local companies such as Cedar Ridge Log Homes & Construction (cedarridgeloghomes.com) work with customers on designing the home of their dreams.
Of course, the relatively high home prices in the Deep Creek area may be a deterrent for some prospective buyers. But while
the average sale price for homes in the county is in the $500,000s, remember that prices vary considerably in different areas, both above and below that average. For example, in Grantsville, the median listing price is $220,000, according to Realtor. com. In Accident, homes go for $299,000 on average, and in Mountain Lake Park, average prices are as low as $189,900.
To sum up, Bell said, prices are rising slightly and many potential sellers are staying put, but Deep Creek Lake and its surroundings remain a highly desirable market.
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50 The Deep Creek Experience