HUGHESVILLE, Md. –– As the spring market approaches, several trends emerged over the past month, signaling a decrease in activity across Southern Maryland’s housing market.
Looking at the most recently available year-over-year data from the Southern Maryland Association of Realtors®(SMAR), inventory has been steadily rising, fewer units are selling, and those that are selling take longer to sell and are going for less.
“It’s taking longer for sellers to find buyers, but it’s still historically shorter than it has been to find ready, willing, and able buyers,” SMAR 2022-23 President Michael Funk commented. “Homes priced below $350,000 and other popular first-time home buyer options are still moving quickly.”
Across Southern Maryland, average sold home prices dropped by 1.26%, however, most of that can be attributed to declines in Charles County weighing down the region’s average. Calvert and St. Mary’s County saw marginal increases in their average and median sold prices.
While active inventory is up 80.37% from this time last year, fewer homes are selling. The total number of units sold over the past month totals 315, a 30.16% drop from this time in 2022.
Additionally, homes that are selling are taking almost 20 more days to sell than they were last year, which is an average of 44 days on the market. Overall, buyers are taking their time to find the right house and are getting more concessions from sellers than they have over the past year.
The average sold price to original list price ratio was approximately 97.2% last month, down from 100.1% in 2022. This means homes are selling for less than they are originally listed for, as opposed to last year when many buyers were paying above list price to get a home.
New listings were down from this time last year by roughly 38.74%, indicating a slow start to the approaching spring market as many sellers contemplate staying where they are.
“We have started to see a shortage of sellers because people don’t want to sell. That could be due to any number of reasons, with some common examples being economic uncertainty or people don’t want to lose the low-interest rates that they locked in over the past couple of years,” Funk said.
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
Units Sold: 81 (-18.18%)
Total Sales Volume: $ 38,555,126 (-12.17%)
Average Days On The Market: 48 (+24 Days from February 2022)
Median Sold Price: $400,000 (+0.50%)
Charles County
Units Sold: 141 (-40.00%)
Total Sales Volume: $ 58,725,401 (-42.29 %)
Average Days On The Market: 42 (+22 Days from February 2022)
Median Sold Price: $400,000 (-6.98%)
St. Mary’s County
Units Sold: 93 (-20.51%)
Total Sales Volume: $ 36,354,631 (-20.39%)
Average Days On The Market: 42 (+8 Days from February 2022)
Median Sold Price: $375,000 (+4.17%)
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 the month can be found on the SMAR YouTube page at: https://www.youtube.com/watch?v=hLUnxMzKqX0
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.
Couldn’t imagine why
Active inventory is up 80%…units sold is down 30%…and the President of SMAR can’t understand why more new sellers aren’t coming to market? Really?
Average wage in Maryland is $66000 yearly, unless you can put $250,000 down on the average selling price of a home in southern Maryland you look elsewhere, it ain’t rocket science
Isn’t it amazing how little so many people understand about basic concepts like “average”.
To you, it must be rocket science. You clearly misstate down payments and don’t understand the meaning of the word “Average”. These are concepts most people understand. To you they are “rocket science”.
Incorrect information, at $66000 yearly you qualify for a $190,000 dollar loan which will buy you absolutely nothing in this area, now take $190,000 plus $250,000 and let me know what you come up with
You’re welcome
Thank you for confirming that you don’t understand what “Average price” means.
Thank you for confirming that you’re “big dog eats first” and still are unable to perform basic math
The average worker in Maryland cannot afford to buy or rent a home, the housing market continues to decline, this state is not affordable to live in, just go back to many comments and look at what everyone else has to say. One person commented about moving to Kentucky and making the exact same wages and homes there are a 1/4 of what they cost here
Then move to Kentucky if you hate it here. Go see if you can ACTUALLY make the same income and buy a house for 1/4 the price of a house here. That person had no more credibility than you do.
What point did I say I hated it here? You are being proven wrong with your comments are cannot come back at me with anything
I have stated facts, you can check for yourself but I highly doubt you will
The average person CANNOT afford housing here, plain and simple, do your research
Maryland is the 7th most expensive state to live in, why do you think many people leave? More people move out of Maryland then move in and this is why, it’s not affordable
I never said I hated Maryland, not one comment above says that, I am stating facts unlike your opinion and you can take it or leave it
I am the person that commented that, and I have 100 percent credibility
I made $70,000 yearly in Maryland I moved here and make the same exact salary, I paid $148,000 dollars for my 2200 square foot home on 2 acres of land
Per the US Census Bureau, the median household income in Charles county is $107K. You are stating something close to median for ALL MD. So your income stats are wrong. https://www.census.gov/quickfacts/charlescountymaryland This information is really not that hard to find. It takes a few millionths of a second using a google search.
And you still, cannot perform basic mathematics
Even at a median income of 107k as you claim you still do NOT qualify for a 350k mortgage without over 100k down
I don’t care what you, google or god himself say
Changing your screen name to anonymous doesn’t make you any smarter big dog
I simply refuted your statement that median household income in Charles County is not $66k. You said I wouldn’t or couldn’t do it. It took me a few seconds to do so. Just admit you were wrong.
Just ran $107k at 6.445% $25k down and $500 other monthly debt. Qualified for a $350k mortgage. $350k of course is below the average price of home sold in Feb. “Average”, of course, being the basic word you don’t understand.
No you didn’t
You literally just proven yourself incorrect by posting that information
You posted household median income
That is NOT median individual income, if you’re going to attempt any kind of comeback at least post the correct information and take the time to read and understand what you’re posting
Yes I posted median household. It is much more relevant than the median wage. Of course you wouldn’t understand that.
https://www.ziprecruiter.com/Salaries/–in-Maryland
Average median income for individual
ziprecruiter.com? I give you US census data and you come back with an online zip recruiter website? Good lord.
Median household income definition……is income of the householder and anyone else in the household over the age of 15 years
That’s a combined income genius…..now take your median household income and divide that number by the average amount of people living in the household and you’ll see that it’s even lower then the average individual income…
You can thank me and apologize anytime
So much wrong with your statement. Yes, I understand household income is combined income by the breadwinners. I am using that stat because most residences are owned by married couples, not individuals. You claim that household income should be divided by “the average number of people in a household”. That’s just laughable as you are including non-working individuals and that 15 year old’s income is not relevant to the total household income.
Then you agree that the average person cannot afford a home here
Per the article, homes under $350k sell quickly. You constantly overstate the average AVERAGE selling price. You haven’t stated a relevant fact. Only your whinny misrepresentations.
I’m still waiting for your facts proving me wrong……you haven’t done so
There are very little homes in southern Maryland for sale under $350k
The only place that has those prices is the ranch club and that will get you a 1 bath 3 bedroom home under 1000 square feet
Um, the ARTICLE states there are homes for sale below $350K and you just stated there are homes for sale under $350k.
Really??? You don’t say………you totally missed the point of that comment much like you don’t understand median household income versus average individual income
The point of that comment was…..there are very few, very little, short supply, low inventory, not likely homes for sale under $350k in southern Maryland, the average person doesn’t qualify to purchase the average home in Maryland
You still have yet to prove me wrong with the statement I’ve made
Median Household income in all of MD is $91k, not $66k. https://www.census.gov/quickfacts/fact/table/MD/BZA110220
Exactly “median household income” that’s NOT individual median income, redo your research
So to sum this all up, you agree that the average individual cannot buy a home in Maryland, you agreed with that by posting the median household income statistics
You also misread all of my comments saying that I stated the median househol cannot buy a home in Maryland however I did not state that in any above comment
You also failed to prove me incorrect with the average individual income in Maryland, I provided those figures for you
You have a wonderful evening