Maryland Home Sales Continue to Drop Amidst Signs of Improvement in the
February 2023 Maryland REALTOR® Housing Stats
ANNAPOLIS, MD—March 16, 2023—Maryland home sales dropped 27.9% to 4,268 units in February 2023 against 2022’s figure of 5,923 units, according to the latest Maryland REALTORS® Housing Statistics Report. The average sales price rose 3.7% to $432,529, while the median sales price increased 4.2% to $375,000, continuing the trend of rising prices amidst a shortage of homes on the market.
There are some encouraging signs, however. Two months into 2023 has shown an improvement over sales from December 2022. While the number of units sold is down, the decrease is less than December 2022’s decline of 41.9%. Average and median sales prices performed better as well in January and February 2023 versus December 2022’s 0.2% rise in the average sales price and the 0.3% rise in median sales price.
“Consumers have been slow to adjust to higher interest rates,” said Yolanda Muckle, 2023 President, Maryland REALTORS®. “What I see when looking at February’s statistics are the number of new listings, 5,071 new listings last month, which is a more than a 32% drop from the previous year. To me this speaks of Maryland’s lack of ‘missing middle’ housing.”
“Missing middle” housing is comprised of homes that are compatible in scale with existing single-family residences but provide more diversity in home sizes and price points. It is housing that is needed to serve the very populations that are experiencing housing shortages and affordability challenges in Maryland but cannot be built under current zoning regulations. Maryland currently faces a housing shortage of more than 122,000 units.
“We need the real estate industry as well as state and local governments to work together to address this crisis,” said Muckle. “If we can create more housing to satisfy this ‘missing middle’ segment, it would be an investment that would yield housing opportunity, enriched and diverse communities, and growing economies at the state and local level.”
Although a lower number of homes are going under contract and fewer new resale listings are coming on the market, the sales activity for new resale listings going under contract within a couple of weeks remains resilient. I have guided valued clients through market balancing times like these for over 38 years, delivering trusted expertise and exceptional results every step of the way. Whether you're seeking to better understand the current market or are considering a move I invite you to contact me to discuss your real estate needs.
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