HUGHESVILLE, Md. – It is no secret that finding a home in Southern Maryland these days has likely been a struggle. Historically low housing inventory in the region persists, but fortunately, we may be seeing some early signs of the impending spring market as new listings rose last month.
More houses are selling right now and at higher prices. The total number of units that sold over the last month in Southern Maryland is up 3.92% from the same time last year, which comes out to 17 more sales.
Of those sales, the region saw increases to both the median and average sold prices, up 15.94% and 12.4%, respectively. This contributed to a 15.95% increase to the total sale volume for the month, up over $191 million overall.
One notable stat we saw change was the slight increase in how long homes are staying on the market. While most homes that sold last month had been on the market for less than 10 days, the average days on the market across Southern Maryland increased by six days from the same time last year.
Home sellers are still selling their homes on average for more money than they are originally listing for.
Like many other places, Southern Maryland has been plagued recently with little to no inventory. While roughly six months of inventory is considered a “healthy market,” our region has been hovering around 0.5 months available.
Active listings are down 15.75% from the same time last year, from 381 to 321.
However, we may be seeing some early signs of the spring market as more listings came up. Year-over-year metrics calculated with the most recently available market data showed an 11.62% increase to new listings in February.
“While our real estate market has seen relatively consistent and steady sales indeterminant of the time of year, Spring generally heralds relocations of our military families. All signs indicate a continued, strong market, despite impending mortgage rate increases,” SMAR President Gregg Kantak said. “Additionally, mortgage payments are now lower on average than the ever-increasing rents throughout our region.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Units Sold: 99 (-1.98%)
Total Sales Volume: $43,897,348 (+12.37%)
Average Days On The Market: 24 (+3 Days from February 2021)
Median Sold Price: $398,000 (+13.71%)
Units Sold: 235 (+15.20%)
Total Sales Volume: $101,766,310 (+31.11%)
Average Days On The Market: 20 (+8 Days from February 2021)
Median Sold Price: $430,000 (+16.63%)
St. Mary’s County
Units Sold: 117 (-9.30%)
Total Sales Volume: $45,664,967 (-5.50%)
Average Days On The Market: 34 (+7 Days from February 2021)
Median Sold Price: $360,000 (+14.29%)
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=664Q8gDmIJg
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.