HUGHESVILLE, Md. –– What is typically a scorching hot real estate market to accompany the summer weather has been relatively mild for this time of year. We have seen some significant trends that the market has been cooling off since the Federal Reserve enacted several interest rate hikes to counteract inflation.
The result: a more mild and seemingly competitive real estate market in Southern Maryland.
Across the region, several factors have led to this tightening of the market. Prices have continued to rise while inventory remains low, and economic uncertainty and higher rates push buyers away.
The total number of units sold in Southern Maryland over the last month decreased by approximately 24.51% year-over-year. This total number of units sold decreasing contributes to the total sold dollar volume decrease of roughly 13.88%, down to $285.7 million from where it was last year at over $330 million.
It can be noted that while that total sold dollar volume decreased, it would have been worse if home prices hadn’t continued rising. The median sold price over the last month in Southern Maryland was approximately $425,000, an increase of 11.84% from last year.
However, the market is getting more competitive as buyers are gaining more traction during the transaction than they’ve had in years. The average sold price to original list price ratio dropped by approximately 1.57% from last year. This means that where sellers were getting close to 102.6% of what they listed their properties at, that number is now 101%, showing a shift in the market.
These shifts could be the results of many things; however, economists have predicted this change comes as buyers cope with higher interest rates, market uncertainty, and are just holding out for something they want.
While significant inventory lapses still exist nationwide, sellers remain in the driver’s seat for most transactions. Active listings have increased by approximately 27.86% from the same time last year, but new listings declined by roughly 15.31%. This reinforces that fewer homes on the market are selling and that fewer sellers are potentially interested in selling at this time.
However, homes that do sell, often still sell in a timely fashion. The days on the market last month were identical to where it was last year: 11 days on average.
“While the market may have cooled, our region remains highly transient,” SMAR 2021-2022 President Gregg Kantak said. “Those buyers selecting from any of our region’s incredible school districts prior to commencement of the new school year or active military families relocating to or from our region, all are actively searching through limited inventory. Sellers should foresee a change in the market and take advantage of opportunities now. Buyers should secure financing at the most competitive rates and lock in those rates while they select the best home for their lifestyle.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
Units Sold: 172 (-20.37%)
Total Sales Volume: $ 88,588,057 (-7.03%)
Average Days On The Market: 11 (No change from June 2021)
Median Sold Price: $467,500 (+14.02%)
Charles County
Units Sold: 283 (-28.72%)
Total Sales Volume: $ 128,643,135 (+11.57%)
Average Days On The Market: 11 (No change from June 2021)
Median Sold Price: $425,000 (+10.25%)
St. Mary’s County
Units Sold: 167 (-20.85%)
Total Sales Volume: $ 68,459,622 (-10.62%)
Average Days On The Market: 12 (-1 Day from June 2021)
Median Sold Price: $400,000 (+12.68%)
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://youtu.be/638-e_-G3xU
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.
Gang murders and random car-jackings tend to make places less desirable to live.
Ditto
This must be a great place to live then as home prices are up double digits year over year in all three counties listed.
Not really, I’ve had my home for sale for months now and it hasn’t budged the article is spot on, hopefully it sells soon so I can get out of here
The article was about actual sales in three Southern Maryland areas. Not your inability to sell one home.
My home is located in Southern Maryland, what are you talking about?
The article is about slowing home sales, my home has been for sale for a few months now, I simply confirmed the article to be correct, I think you have misread the article or not read it at all?
AGAIN, I’m simply confirming the article to be correct, which it is, home sales are slowing which with AGAIN high interest rates, a very unstable economy will obviously do this, will I be lowering the price of my home just because you say it’s overpriced? No, again it’s matched to the area, if you don’t understand anything with the housing market you should find another article to rear and comment on, or go argue with your friend ?
Hahahahaha that’s why they aren’t moving!
“Come on man” boe jiden
Interest rates have almost doubled, yet the home prices didn’t drop means they aren’t going to sell, the people that bought sky high priced homes at the 3 percent interest rate are now upside down on their homes because values are dropping, it’s basic economics which you fail miserably to understand, I guess you’ll be telling on me for that as well
Again, the article compares ACTUAL year over year prices of ACTUAL sales. It’s not comparing listing prices. Its not compare month over month price changes. It DOES show avg days on the market in June 2022 vs avg days on the market for June 2021 and they are essentially the same. I love that you think you know something when you can’t understand the basic facts presented in the article even when they are laid out as simply as they are in this one.
Across the region, several factors have led to this tightening of the market. Prices have continued to rise while inventory remains low, and economic uncertainty and higher rates push buyers away.
Again, it’s showing everything that I have been telling you to be 100 percent accurate, please feel free to learn to read at any time you choose, oooppps you’ll definitely tell on me for that
“Anonymous says: July 22, 2022 at 2:06 pm My home is located in Southern Maryland, what are you talking about?” What don’t you understand. If your home has been on the market “for months” and it isn’t selling there is a problem with your pricing or your location or your house. Housing are selling. They aren’t selling as quickly as they were at the end of 2021 or beginning of 2022, but in general they aren’t sitting on the market for “months”. The average days on the market in his report was 11.
I’m not sure what you don’t understand? I’m not trying to argue but obviously that’s where this is going to go
My home is located in southern Maryland, it’s priced accordingly matching other homes in the area, interest rates have doubled slowing this along with economic uncertainty, this article is just confirming this to be true, no one said homes aren’t selling, they are selling at a much slower pace, eventually it will sell I’m not stressed about it one bit, there are many homes that have been listed for months and aren’t moving, only thing I’m excited for is moving out of this area
So let’s review: you stated “I’ve had my home for sale for months now and it hasn’t budged”. You then stated “Interest rates have almost doubled, yet the home prices didn’t drop means they aren’t going to sell”. You then stated “My home is located in southern Maryland, it’s priced accordingly matching other homes in the area” By your own words, your house is over priced for the market. It really isn’t that hard to understand and doesn’t need to be an argument. Your house is over priced.
AGAIN my home is not overpriced, it’s matching all other homes in southern Maryland for sale, so now you state that all homes in southern Maryland are overpriced?
Wow…yeah…you don’t understand. No sense continuing.
I understand perfectly that you don’t understand real estate, we’re done here I’ve got better things to do like sell my home
Your home isn’t selling. If you are “priced in line” with all the other homes that you claim aren’t selling because the prices haven’t dropped your home isn’t going to sell either. Real estate is no different than any other sale and you clearly do not understand.
AGAIN, my home is priced accordingly, until other homes for sale drop prices im not budging, it isn’t rocket science, I understand completely that you do not understand real estate
And AGAIN, your home is clearly NOT priced to sell. It is priced to sit…and so it shall. You clearly laid out in your own words why it isn’t selling. It is amazing that you can’t understand your own words.
And again you don’t understand how real estate works, you say my home is overpriced however it’s right in line with homes in this area, so you are saying that all homes are overpriced in the area, why are you continuing to reply? This isn’t rocket science, do you not understand your comment? I don’t know where you’re coming from or what your point is but you’re failing at trying to get it across, I invite you to re read the above article…….good bye
Wow you are really thick. So let’s review: you stated “I’ve had my home for sale for months now and it hasn’t budged”. You then stated “Interest rates have almost doubled, yet the home prices didn’t drop means they aren’t going to sell”. You then stated “My home is located in southern Maryland, it’s priced accordingly matching other homes in the area” By your own words, your house is over priced for the market. It’s odd you can’t understand your own statements.
Hahahahha good luck getting anywhere with little mutt
Hey mr know it all, do you get along with anybody???? That person literally made you look like a total idiot, oh wait that isn’t hard
Awww I see the clown is making more excuses, priceless, run along and tell on me now
Whoa you better watch talking to dog like that, he’ll tell on you for that
“Anonymous says: July 28, 2022 at 4:01 pm Hahahahha good luck getting anywhere with little mutt Hey mr know it all, do you get along with anybody???? That person literally made you look like a total idiot, oh wait that isn’t hard” It doesn’t surprise me that you can’t follow along. What astonishes me is the person who posted that his house is priced too high wants to argue that his house ISN’T priced too high because it’s priced in line with all the other houses that are priced too high.
If his or hers house is priced with every other house in the area, then you claim all homes in the area are overpriced, this is common sense which you lack a ton of
You want to try posting this again using a sentence structure that is recognizable to those who practice English as their first language?
You want to meet me in public yet?
IF HIS OR HERS HOUSE IS PROCED WITH EVERY OTHER HOUSE IN THE AREA, THEN YOU CLAIM ITS OVERPRICED, BY YOUR WORDS YOU STATE THAT ALL HOMES IN SOUTHERN MARYLAND ARE OVERPRICED
Now do you understand or do you want me to post in crayons?
What astonishes me is that you keep disagreeing with all housing articles the site puts out and refuse facts backing these claims
Why even comment about these articles? You have zero clue about them, that’s a serious question btw, why?
He/she says their home is priced accordingly which it probably is because prices have not fallen in this area, they’re still high but interest rates keep climbing, so yes the housing market is slowing down, so you claim that all homes are overpriced, that is your words
Once again by another person you have been made foolish, so why don’t you just leave ? Why do you stay on here? Why?
If you would actually pay attention, I don’t disagree with the articles. I disagree with the comments from people like you who clearly don’t read the articles. The other poster stated that houses aren’t selling because they are overpriced. I simply used his words and the two of argue that I am making some outlandish claim. How many times does this have to be restated before it will sink in. If every other house isn’t selling because they are overpriced and your house is priced in line with every other house, then your house is (by your own words) overpriced. This is the third time I have posted the same thing.
How many times does one person have to tell you that you don’t understand anything about real estate?
If that person saying such things has no knowledge themselves and expresses raging Anti-American sentiment I really don’t care what they say or how often they say it. BTW: selling is selling. Doesn’t matter if you are selling soda, clothes or houses. If your product isn’t desirable, marketed properly and priced properly, it won’t sell quickly or in the volume desired.
Additionally, I don’t disagree with all housing articles. I disagree with most everything you post because you only post articles with titles that support your narrow minded viewpoints. Most of the articles you post don’t say what you think they do or are so out of date as to be irrelevant (much like you are). Be careful how you reply to these, Mr. Anti-American. You’ll get yourself banned again.
I’m sure I will mr tattletale, why would I be surprised? Soon as someone makes you look like a fool you run and tell on them, guess what I just did? I ran and told on you! Let the bans begin!
Since you have nothing to add, as usual, and have now reverted to your childish comments, I’m done with this thread. And just to state this again, YOU are the one responsible for what you say. I really don’t care what you post. With every post you make like this, YOU further cement your lack of knowledge and maturity.
Thank you for confirming that you claim all homes in southern Maryland are overpriced based off your opinion with no facts backing that statement