January 2021 MARYLAND Housing Statistics

By
Real Estate Broker/Owner with Mackintosh REALTORS 82894
Housing Data Shows Strong Sales with
Inventory Tightening to Below One Month

 

ANNAPOLIS, MD – February 17, 2021
 
Maryland’s housing market opened 2021 with strong January sales figures that outpaced January 2020 sales by 14.2%. Average sales prices rose to $387,118, an increase of 14.2%, while median sales prices increased 12.4% to $326,000 (including an increase of nearly 90% in Baltimore City). The ongoing concern remains the lack of available inventory, which has now dropped to less than one month.
 
“It’s always good to see the year beginning with strong, robust sales. This January, a house was on the market for about ten days before it sold. This time last year, it took about a month,” said Dee Dee Miller, President, Maryland REALTORS®. “So, yes, homes are moving quickly, but inventory, while trying to play catch-up, still lags significantly. With less than one month of inventory, we need more sellers entering the market and many more new homes built.”
 
2020 In Review
 
Maryland’s housing market remained strong before and during the pandemic in 2020, with sales rising 9% above 2019 figures. Both average price, $383,184, and median price, $330,000, rose 9.2% higher than last year’s figures.
 
“The real estate industry helped to keep the economy afloat during the months we’ve been dealing with COVID-19. This snapshot of 2020 also helps to drive home the story that inventory—or lack of it—remained an issue throughout 2020,” said Miller, “and it’s a concern that’s holding over into 2021.”
 
While pending units were up 11.3% in 2020, rising to 99,665, other housing data markers signaled a tightening housing supply. Active inventory, 7,758, represented a drop of 60% from 2019 figures. Months of inventory dropped to 1.0, compared to 2.6 the previous year. The number of new listings dropped to 112,372, a 6.9% decrease.
 
“As an industry, we are proud for our contributions to a year that has been fraught with health concern and safety,” said Miller. “Now, as an industry, we must find ways for more people to realize the dream of home ownership for all, and to do that we need more sellers, more home construction, and an environment favorable to both.”
 
 
                      
 
Maryland monthly housing statistics are compiled by data as reported 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 the Maryland Housing Statistics monthly; it is available through the Association's website, www.mdrealtor.org.
 
If you are considering selling the real eastate market inventory in Frederick County is at an all time low which makes this one of the best seller's markets I have seen since 2005.Feel free to contact me if you have any real estate questions or considering selling or purchasing a property soon.

Comments (4)

Raymond Henson, SRES, GRI
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I just published my market update and it sounds very much like yours, average prices up 14% and a very tight inventory.  Thank you for the great update and keeping us informed about your area.

Feb 17, 2021 08:28 AM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Maryland home buyers and sellers are sure to value your real estate market report, Buzz.

Feb 17, 2021 04:08 PM
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Buzz Mackintosh Thank you for sharing this housing statistics! Great information as always.

Feb 17, 2021 05:48 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Markets are constantly changing so these timely reports are crucial in the decision-making process. Thanks for sharing Buzz!

Feb 18, 2021 03:07 PM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?