The Lake Linganore real estate market has been on the rise for some years and shows no indications of slowing down anytime soon. Lake Linganore is becoming an increasingly popular area to live in, largely due to its gorgeous location in Frederick County, Maryland, and its wide choice of services and attractions. This beautiful community has something for everyone, from hiking to swimming and boating on the lake.
Those interested in moving into the area are likely curious about what the Lake Linganore real estate market looks like at present. What can we expect to see in the market over the course of 2023? Let’s take a look at the Lake Linganore real estate market, including current prices, trends, and a forecast for 2023.
Lake Linganore housing market prices, trends & forecasts 2023
Lake Linganore housing market forecast 2023
An increase in home values
Property values in Frederick and northern Frederick County increased by 29.5% on average this year, nearly 9% higher than the state average. 35,591 (99.84%) of the 35,648 residential properties assessed grew in value. In comparison, 96.4% of the state’s residential properties grew in value.
The constant rise and fall of interest rates
Since the Federal Reserve began increasing the base rate last year, the national average rate on a 30-year fixed-rate mortgage has been unpredictable. How much have interest rates changed?
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30-year fixed-rate mortgages averaged an interest rate of 6.95%, down from 7.08% the previous week. 30-year rates averaged 3.09% at this time last year.
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15-year fixed-rate mortgages averaged an interest rate of 6.29%, down from 6.36% the previous week. 15-year rates averaged 2.35% a year ago.
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5-year hybrid adjustable-rate mortgages averaged an interest rate of 5.95%, down from 5.96% last week. 5-year ARMs averaged 2.54% a year ago.
Lake Linganore County housing market trends 2023
Potential homebuyers are dissuaded by persistently high mortgage rates and housing prices caused by continuous inflation, bank sector volatility, sluggish economic development, and an approaching recession.
On May 3rd, the Federal Reserve decided to increase its benchmark interest rate by a quarter of a percentage point, as most housing analysts had anticipated. In the event that inflation continues to decline, the Fed also hinted that it would postpone rate increases for the rest of the year. Long-term mortgages like 30-year fixed-rate mortgages are indirectly impacted by Federal Reserve rate increases.
How Covid-19 affected the Lake Linganore real estate market
The past year's pandemic shutdowns undoubtedly rocked real estate as we know it, and as a result, the housing market has shifted in many ways. Many people are moving from cities to suburbs or smaller cities and villages on the periphery of large metropolitan areas. Homes are becoming larger, on average. During lockdowns, Lake Linganore residents used their homes in ways they’d never done before: as offices, schools, spas, and entertainment zones. The home office is increasingly becoming a vital and permanent fixture in many homes.
Lake Linganore foreclosure statistics 2023
Maryland has one of the highest foreclosure rates in the country, with many families unable to make their mortgage payments. The foreclosure rate in Maryland has progressively risen in recent years, with January 2023 proving particularly challenging for many homeowners. There were over 6,000 foreclosure filings in the state in January 2023 alone. This is a huge rise over the same period in 2022 when there were just more than 3,000 filings.
Lake Linganore median home prices 2023
The median home sales price in Frederick County is $624.69K. Homes generally receive closing bids in 6 days and are selling for close to the market price, on average. There are 93 residences sold for every 100 that are on the market for listing. Single-family houses sold last month for an average of $190K. The sales price of condos declined by 35.3% last month, while the sales price of single-family homes decreased by 15%.
Lake Linganore real estate market: Which community fits your needs?
Woodridge
Woodridge, located at Lake Linganore, Maryland, is a lovely and peaceful neighborhood in the city of New Market. The neighborhood provides a tranquil and serene ambiance with wonderful views of the lake and neighboring natural areas. This neighborhood also has a number of community amenities, such as walking trails, parks, beaches, and a community center, giving residents plenty of possibilities for outdoor enjoyment and sociability.
Pinehurst
Nestled in the heart of Lake Linganore, Pinehurst is a picturesque neighborhood that offers residents a truly unique living experience. With its stunning views of the lake and surrounding wooded areas, Pinehurst provides a serene and tranquil atmosphere that is hard to find elsewhere.
Summerfield
Summerfield is a neighborhood featuring beautiful single-family homes and townhomes along Boyers Mill Road. Summerfield Pool and Deer Crossing Elementary is located at the village's entrance. Summerfield residents enjoy a pool, tennis and basketball courts, various tot lots, and a dog park.
Westwinds
Westwinds is one of the easternmost communities in Lake Linganore. This picturesque community boasts the Westwinds Golf Course and a plethora of recreational activities, including a swimming pool and indoor tennis courts. The Villas at Westwinds are also located within the community.
Coldstream
Coldstream is one of the oldest towns on Lake Linganore, providing access to Coldstream Beach and the Lake Linganore Esplanade. Coldstream boasts single-family homes, many of which feature modern lake architecture or Colonial styles. Coldstream’s pool and community center is located near the village's entrance.
The Meadows
The Meadows is a luxury community featuring single-family residences located near Lake Merle, a swath of placid water teeming with amenities, including a small beach perfect for soaking up the sun. Residents with young children particularly love the neighborhood’s various playgrounds and picnic spaces.
Ready to explore Lake Linganore real estate?
With a consistently strong demand for homes in this charming area of Maryland, the Lake Linganore housing market is predicted to thrive in 2023. Despite some potential hurdles, such as rising interest rates and a lack of inventory, the general prognosis for both buyers and sellers remains optimistic. Those wanting to buy a home in Lake Linganore should be prepared to act fast when they find a property that suits their requirements, while sellers should work with an experienced real estate agent to ensure they obtain the greatest price for their property. If you’re thinking about entering the Lake Linganore real estate market, reach out to real estate agent expert Rose Bartz today, whose years of experience buying and selling Lake Linganore properties, concise attention to detail, and dedication to client satisfaction make her the perfect guide to help you navigate the ins and outs of Lake Linganore’s housing market.
