MARYLAND HOUSING MARKET REMAINS STABLE
Annapolis, MD, (November 11, 2019) -
The start of the final quarter of 2019 reveals a steady real estate market throughout the state, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 5.9 percent while the median price increased by 7.1 percent compared to the same time in 2018.
"The average sales price increased from $346,242 to $326,945 and the median price increased from $280,000 to $300,000 in October compared to the same time last year," said Maryland REALTORS® President John A. Harrison. "Units sold saw a slight decrease from 7,138 units in 2018 to 6,947 units this year. These numbers indicate a robust market that continues to be subdued by low inventory levels."
"The median home price in Maryland has surpassed the record high of $289,900 set in June of 2007," continued Harrison. "The gradual increases over the past decade, coupled with a favorable mortgage lending environment, is encouraging but we need to remain focused on affordability. The National Association of REALTORS® recently reported that we should expect to see over 8.3 million first-time buyers enter the market between now and 2022. Our REALTOR® members are working hard to make sure these future buyers are educated about the abundance of available closing cost and down payment assistance programs."
Maryland monthly housing statistics are reported by MarketStats by ShowingTime and is based on housing data provided by 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.
**Maryland REALTORS® publishes housing statistics monthly; they available through the Association's website, www.mdrealtor.org.
If you are considering selling a property now would be the ideal time. Feel free to contact me if you have any real estate questions or considering selling or purchasing a property soon.