HUGHESVILLE, Md. –– Although the Southern Maryland housing market remains more insulated from the economic whiplash facing many parts of the country, the region has still produced several notable trends from the last month.
Data collected by the Southern Maryland Association of Realtors® shows that home values have made slower increases as buyer activity appears to be down.
562 units were sold across the region last month, which is down 31.55% compared to last year. In addition, the length of time homes are staying on the market increased by approximately four days on average from that time last year.
The median sold price of homes continued to climb across the region by approximately 6.49%.
This increase was heavily influenced by larger value increases in St. Mary’s County, which went up 18.4%, as opposed to Calvert and Charles County which only saw marginal increases of 3.61% and 2.66%, respectively.
“The traditional Fall and Spring markets are a thing of the past, having been replaced with a more consistent market. Additionally, real estate sales customarily slow down following Labor Day, as most buyers and sellers settle into their school-year routines,” SMAR 2021-2022 President Gregg Kantak said. “Nevertheless, anyone considering purchasing a home should take advantage of the final quarter of the year to realize tax benefits in their next filing.”
Economists have forecasted that the back-logged, strong demand for homes and a continued lack of inventory should continue to drive up prices, just at a slower rate than homeowners have seen in the past few years.
These changes in the market can be most easily identified by the region’s average sold price to the original list price ratio. For the first time in several years, that figure has dropped below 100%. This indicates that buyers have been gaining leverage in the market, and many have managed to get properties for less than they were listed.
However, that doesn’t mean that inventory isn’t still moving. Even though the average home is sitting on the market longer, the most popular length of time it took to sell a home last month was under 10 days.
In addition to home buyers having hesitations in the market, many sellers also appear to have reservations. New listings in Southern Maryland are down from this time last year by approximately 21.55%.
Although still lacking, months of inventory for our region rose again for the sixth consecutive month in August, back ahead of where it was in July 2019.
“While interest rates will continue to fluctuate to curb inflation, locking in a rate and continuing to search current inventory should be a buyer’s focus,” Kantak said. “As for sellers who remain on the fence, the market welcomes any new addition to inventory, so this remains your market to dominate.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Units Sold: 142 (-39.83%)
Total Sales Volume: $ 69,806,586 (-33.95%)
Average Days On The Market: 19 (+4 Days from August 2021)
Median Sold Price: $430,000 (+3.61%)
Units Sold: 255 (-30.52%)
Total Sales Volume: $ 113,846,147 (-23.49%)
Average Days On The Market: 15 (+5 Day from August 2021)
Median Sold Price: $415,000 (+2.66%)
St. Mary’s County
Units Sold: 165 (-24.31%)
Total Sales Volume: $ 68,688,320 (-15.27%)
Average Days On The Market: 20 (+3 Days from August 2021)
Median Sold Price: $399,000 (+18.40%)
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=X6r_P65UhiY
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.