HUGHESVILLE, Md. – As the new year rang in, many homebuyers had hoped new options would be plentiful as we turned a corner from an extremely competitive market in 2021. Unfortunately, the trend of historically low inventory levels across Southern Maryland appears to continue driving the market.
For the past five years, January has served as a rebound point in the market. Not once in that timeframe have active listings continued to decline from December into January — until this year.
Across the region, at the time the Southern Maryland Association of REALTORS® (SMAR) compiled the most recently available housing market data, there were a total of 328 active listings. That is down approximately 4% from last month and 25.3% from last year.
On top of diminished levels of inventory, what does appear on the market is quickly being purchased. Looking at the median days on the market over the past month, the total came in at 10 days across the region, which is up slightly year-over-year but is still significantly lower than the five-year average of 34 days.
As inventory levels decline and the days on the market remain low, this creates optimal conditions for home sellers, as home prices continue to soar. Both the median and average sold prices over the past month saw double-digit percentage increases when compared to the same time last year.
Additionally, Southern Maryland last month saw such a drop in inventory that the market is now faced with the fewest months of supply it has seen in five years. Months’ supply refers to the number of months it would take for the current home inventory to sell at its current pace.
Typically, somewhere between three to six months of inventory is considered a healthy market. Southern Maryland has approximately 0.48 months of inventory after last month.
“While previous real estate ‘seasons’ were predictable, recent history has demonstrated an annual ‘open season’ to buy, sell invest and relocate,” SMAR 2021-2022 President Gregg Kantak said. “Nonetheless, it remains a time for buyers to enter the market while interest rates remain relatively low.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Units Sold: 118 (+8.3%)
Total Sales Volume: $53,703,922 (+31.6%)
Average Days On The Market: 26 (-4 Days from January 2021)
Median Sold Price: $417,500 (+26.5%)
Units Sold: 198 (-7.5%)
Total Sales Volume: $80,986,889 (+2.75%)
Average Days On The Market: 17 (-1 Days from January 2021)
Median Sold Price: $382,500 (+9.3%)
St. Mary’s County
Units Sold: 105 (-29.5%)
Total Sales Volume: $38,597,974 (-23.29%)
Average Days On The Market: 18 (-5 Days from January 2021)
Median Sold Price: $355,000 (+14.3%)
Visit https://www.southernmarylandrealtors.org/pages/housing-statistics/ every month for additional details about the housing market in Southern Maryland. A video breakdown of the local statistics can be found on the SMAR YouTube page at: https://www.youtube.com/watch?v=0ET45Jm8ShQ
Statistics for this article were compiled with cooperation from Bright MLS, a leading housing market data source and a real estate listing service for Realtors® throughout the region.