HUGHESVILLE, Md. –– As 2023 began, so did some surprising new trends in the Southern Maryland housing market. Prices began to decrease in most jurisdictions, while homes are staying on the market for longer than many recent potential buyers have seen.
Looking at the most recently available year-over-year data from the Southern Maryland Association of Realtors®, several clear trends emerged last month. Buyers are gaining more traction in the market while competing with depleted buying power, and shifts in demand have influenced the homes currently for sale.
Active listings increased roughly 94.5% from this time last year, and the total units sold saw a sharp decrease. 281 units sold last month across Southern Maryland, a decrease of 33.25% from 2022. However, more new listings came on the market last month, up 9.87% from 2022.
Additionally, homes are staying on the market for longer, and prices are starting to see slight declines for the first time in years.
Homes had spent an average of 41 days on the market in Southern Maryland last month, an increase of 21 days from 2022. Homes haven’t been on the market for this long since early-2019.
Both the median sold price and average sold price saw slight drops of 1.32% and 0.70%, respectively. Homes in Charles County still saw marginal price increases not exceeding 2% but were the only county in the region going up.
However, one of the best indicators that buyers are getting more control in transactions comes from the average sold price to the original list price ratio. Homes sold on average for 96.8% of what they were listed for in January, which is down from roughly 99.9% in 2022. Where buyers were previously paying close to and over list price are now seeing many sellers offer concessions.
“The market over the past few years has not been sustainable, and we are starting to see some of that dial back,” SMAR 2022-23 President Michael Funk said. “We know that we have been plagued with lacking inventory and a severe shortage of housing units in Maryland for years, and it is only getting worse. Seeing buyers get back some control during the transaction after seeing their buying power weakened helps create a healthier housing market.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
Units Sold: 70 (-40.68%)
Total Sales Volume: $ 31,446,576 (-41.44%)
Average Days On The Market: 38 (+12 Day from January 2022)
Median Sold Price: $392,500 (-5.99%)
Charles County
Units Sold: 135 (-31.82%)
Total Sales Volume: $ 56,919,599 (-29.72%)
Average Days On The Market: 39 (+22 Days from January 2022)
Median Sold Price: $389,885 (+1.93%)
St. Mary’s County
Units Sold: 76 (-27.62%)
Total Sales Volume: $ 27,386,321 (-29.05%)
Average Days On The Market: 46 (+28 Days from January 2022)
Median Sold Price: $342,500 (-3.52%)
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 for 2022 can be found on the SMAR YouTube page at: https://www.youtube.com/watch?v=nqhltDfxUHM
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.
Who the heck can afford them anyway?
People with actual jobs.
You mean people making over $150,000 a year
I have a actual job and don’t qualify for any home in this area, I make very close to $90,000
Then your credit history must be atrocious. Current interest rates on a 30 yr mortgage are about 6.55%. The avg selling price in Charles was $342K. With a minimal down payment, that equates to a monthly mortgage payment of just over $2k per month. That is well below the 32% of income threshold.
Nope, incorrect as well, my credit score is a 834, you need over $100,000 yearly income to qualify for that much, banks won’t even consider you for that
there is a reason why most “young” people are leaving the area. Housing prices are absurd. I was hoping to live my whole life in st marys, similar to my past generations have, but I don’t see that being possible in the near future.
Maryland has a average income of only $68000 yearly, at that income you don’t qualify for any home nor can you afford any rent costs
There is no reason why homes are $300,000 plus in southern Maryland, anyone that spends that much on a home needs their heads examined
These comments are spot on with why I left Maryland and now live in Kentucky, I have the same income and the prices of homes are a fraction of what they are in Maryland
“Anonymous says: February 16, 2023 at 11:09 am
Nope, incorrect as well, my credit score is a 834, you need over $100,000 yearly income to qualify for that much, banks won’t even consider you for that” Well either you are lying, you are working with an incompetent mortgage broker or you don’t understand that the $342k Charles County price is a median price. You could always move to KY.
Nope I’m not lying at all, it’s simple math which you are unable to do, when my wife and I purchased our home in 2009 with interest rates at 5 percent we had perfect credit, first time home buyers, we qualified together for $192000 we were making $80,000 together total income
342k maybe the median or average price for a home in Charles however with a average income of $68000 you would have to put down $150,000 to even qualify for that much of a loan, then add in all your expenditures such as utilities, groceries, and if you have a car payment it’s literally impossible to make ends meet
So to sum up my point which btw is 100 percent correct you have to make over $150k a year or have a combined income of that much a year to purchase a home in this area then you will still be struggling to make ends meet
Me move to Kentucky? Maybe….I haven’t looked there yet but I am looking into the Carolinas
Look everyone!!!! It’s big dog! Why are you calling yourself anonymous?????