MARYLAND HOME PRICES CONTINUE TO CLIMB
Annapolis, MD, (October 15, 2019) -
Residential units sold increased by 6.9 percent in September compared to the same period in 2018, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 3.4 percent while the median price increased by 5.2 percent compared to the same time in 2018.
"The average sales prices increased from $333,201 to $344,441 and the median price increased from $290,000 to $305,000 in September compared to the same time in 2018," said Maryland REALTORS® President John A. Harrison. "Pending units (units under contract) saw an increase from 6,160 units in 2018 to 7,759 units this year. These numbers are encouraging and the number of new listings in some areas may indicate a robust fall market."
"On the other hand, while sales and prices continue to see steady growth, months of inventory statewide remain low, continuing recent declines, with an average of 3 months this year," continued Harrison. "Those numbers are even lower in the suburban counties of D.C. and Baltimore, causing affordability concerns for working individuals and families."
Maryland monthly housing statistics are compiled by data as reported by MRIS/Bright MLS. For the purposes of this report, "units" are defined as the closed sales and "pending units" are properties under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.
NOTE: UNITS ARE THE "UNITS" SOLD, PENDING ARE UNDER CONTRACT.
*Months of inventory based on current active inventory and monthly sales for the corresponding month; Data are revised on a regular basis. Readers of these reports should note that older reports have not been adjusted to reflect these revised data. This report, however, contains the latest reliable data to date.
NOTE: UNITS ARE THE "UNITS" SOLD, PENDING ARE UNDER CONTRACT.
*Months of inventory based on current active inventory and monthly sales for the corresponding month; Data are revised on a regular basis. Readers of these reports should note that older reports have not been adjusted to reflect these revised data. This report, however, contains the latest reliable data to date.
**Maryland REALTORS® publishes the Maryland Housing Statistics monthly; it is available through the Association's website, www.mdrealtor.org.
