HUGHESVILLE, Md. –– Mirroring several national trends, Southern Maryland saw the housing market cool down last month, with high mortgage rates and home prices proving to be too much for buyers.
Data collected by the Southern Maryland Association of Realtors® shows that home values made marginal increases when compared to last year.
The median sold price for the region was recorded at $389,000, up roughly 2.37% from 2021. This is a total median price increase of approximately $9,000.
The number of units sold for the month dropped significantly by roughly 27.16%. This is a major contributor to the decreased sold volume, which saw a monthly drop of about 22.83% or over $66 million.
The market cool-down is even more evident by the increased average days on the market compared to last year. Homes are staying on the market for an average of 24 days in Southern Maryland, an increase of roughly eight days from last year.
Additionally, the market is currently facing a strong number of active listings, up 27.08% from this time last year. However, new listings have dropped off somewhat, seeing a decline of approximately 20.27% from 2021.
Pending home sales have also seen major drops when compared to last year, down roughly 39.82%.
In continuation of last month, buyers appear to be gaining leverage in negotiations, as the average sold price to original list price ratio continues to drop below 100%. The current ratio of 97.9% means that homes are selling on average for less than they are being listed at, and this is a decrease from last year at this time when it was roughly 100.4%.
“The Federal Reserve has indicated interest rates shall not decrease in the near future as it continues to mitigate a recession,” SMAR 2021-22 President Gregg Kantak said. “Despite rising interest rates and potentially its impact on buying power, buyers should be expanding their focus and creativity in their selection and forge ahead into home ownership. A buyer should now consider a longer commute, a fixer-upper, less square footage and the like. After all, it is always more important to begin building personal wealth and that journey begins with real estate.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
Units Sold: 145 (-13.17%)
Total Sales Volume: $ 67,546,128 (-6.92%)
Average Days On The Market: 26 (+5 Days from September 2021)
Median Sold Price: $389,000 (No Change)
Charles County
Units Sold: 219 (-37.61%)
Total Sales Volume: $ 95,067,134 (-34.13%)
Average Days On The Market: 21 (+7 Day from September 2021)
Median Sold Price: $405,000 (+2.53%)
St. Mary’s County
Units Sold: 151 (-20.11%)
Total Sales Volume: $ 60,981,884 (-16.31%)
Average Days On The Market: 25 (+9 Days from September 2021)
Median Sold Price: $365,000 (+6.73%)
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=ElDyAMxtiBg
Joe did that!
Prices haven’t dropped, rental costs are through the roof, interest rates are at 20 year highs, the market is tanking
If the “market was tanking”, prices would be plummeting. The housing market is not tanking. Sales have slowed significantly and are returning to a more normal pre-pandemic pace. Sales will continue to slow as interest rates push higher. Prices will likely drop some and then stay relatively stagnant for a rather long time….as wages catch up to the new monthly payments or until interest rates come back down a little bit.
Wages haven’t matched cost of living in decades
Wages always lag price increases…just something else you don’t seem to understand.
Ok first you say when wages catch up then you say they always lag, make up your mind you are a barrel of laughs
The Federal Reserve is not trying to “mitigate a recession”.
“Anonymous says: October 17, 2022 at 11:06 am Ok first you say when wages catch up then you say they always lag, make up your mind you are a barrel of laughs.” You just aren’t very bright. You are referring to the cost of living (inflation) and I was referring to wages catching up with stagnant housing prices over a period of years, not all at once.
Priceless, absolutely priceless
In other words, you can’t understand the difference between the general level of prices relating to wages and the specific level of housing prices related to wages.
That would be you
“Anonymous says: October 19, 2022 at 12:20 pm That would be you.” I see you are back to reveling in your maturity and lack of intelligence. Since you have nothing of value to add, its time to move on.
That would be yourself
First you say this ….as wages catch up to the new monthly payments or until interest rates come back down a little bit.
Then you say this……Wages always lag price increases…
You’ve literally contradicted yourself, see how it’s YOU that needs to follow your words and move on? Or is this something else you fail to understand?
Look, I’ve already explained this to you. You clearly can not understand that there is a difference between the general level of prices and the general level of wages and the level of prices in a SPECIFIC ITEM (houses) vs the general level of wages. Based on history and the rise in interest rates, home prices are likely to stagnate for a multi year period. During this time wages will continue to increase reflective of the general level of inflation. It’s not rocket science for anyone who can read—or bought a home in the late 80s or the mid 00s.
Look I’ve already explained this to you, wages never match price increases on anything, especially homes, stop trying to act smart when you are clearly not, you’re contradicting yourself and now your mad like always because you’re being proven wrong again
The avg of all home sales rose 1% from Q1 2007 to Q4 2016 (FRED). During that time avg hourly wages rose by 26% (BLS).
Ok, irrelevant
You’re contradicting yourself
You do understand that the average income in Maryland is only $66000 yearly, at that homes should only be listed for $250,000 max, you’ve been debunked again, we’re done here no need for any further contradictions from yourself
“Anonymous says: October 21, 2022 at 4:44 pm Ok, irrelevant” Should have said avg price of all home sales. Which, of course debunks your idiotic commentary that “wages never match price increases on anything”
“Anonymous says: October 21, 2022 at 5:02 pm You do understand that the average income in Maryland is only $66000 yearly, at that homes should only be listed for $250,000 max, you’ve been debunked again, we’re done here no need for any further contradictions from yourself.” What does avg income and what you think homes sold “only be listed for” have to do with anything? Nothing of course.
First you say this ….as wages catch up to the new monthly payments or until interest rates come back down a little bit.
Then you say this……Wages always lag price increases…
What does this have to do with anything? Nothing of course
Blah blah blah blah blah blah blah
Wait a second, I’m having a debate with a person that doesn’t even understand the definition of the word vaccine, yep I’m done, whatever you say cupcake you’re always right, have fun
Yes you are done. You’ve shown your inability to understand that there is a difference between the general level of price increases and the level of prices of a specific item despite being given direct sourced evidence to prove you wrong. Then, in pathetic and failed attempts to change the subject, you put up posts about avg income on Maryland, what YOU think homes should sell for in MD and the definition of “vaccine”. Yeah, you are done all right.
I would highly highly advise you once you’re done whining to go back and read your comments as well, you contradict yourself and then try to spin it around making yourself sound smart which you are not, by myself posting the average income and what homes should be listed for I am going with your own words however your too ignorant to realize that as well, you are truly the dumbest person I’ve ever come across in my entire life, and this is the absolute last thing I’m telling you, I have way better things to do with my life unlike yourself that watches cnn all day from your moms basement trying to be smart and outwit me, you are truly pathetic
Actually, I do go back and read my posts. You’ll note I corrected one a few posts ago to make it more clear. Naturally, you didn’t respond to that one because it refuted your normal silly comments. If you have better things to do in your life why do you run around to so many articles on this site, articles where I have made no comment, to attack me? Your final infantile comments about my mom’s basement and cnn are nothing more than further proof that you don’t understand the difference between the general level of prices and specific items…or that specific items (like houses) can have prices that fall while wages are still going up.