Maryland’s August 2021 Housing Market Continues to Grow, While Showing Improvement between Demand and Supply
Maryland’s August 2021 housing market continued its trajectory in sales figures with average prices rising 8.4% in 2021 to $435,798 and median prices rising 10.3% to $375,000. Months of inventory stood at 1.1, matching July 2021, yet down from last year’s figure of 1.8. The number of units sold rose 2.9% to 9,740, versus 9,462 in 2020.
“As this market continues to grow, August’s data suggests that it’s easing a little, becoming more friendly for first-time homebuyers,” said Dee Dee Miller, Maryland REALTORS® President. “We’ve watched the 2021 average sale price inching closer to 2020’s figure, from 19% in May to 8.4% this August, while at the same time witnessing months of inventory move from 0.9 to 1.1. With prices rising more slowly, it opens up additional possibilities, whether it’s a first-home purchase, second home, or even a move across town.”
The National Association of REALTORS® (NAR) has witnessed an easing within the market as well across the United States. According to its latest Weekly Sales Monitor, housing demand is easing while supply shows signs of improvement, narrowing the demand-supply gap. This has moderated the pace of price appreciation, according to NAR research.
“It’s a promising sign,” said Miller, “and while inventory remains tight with houses on the market for only a week before they’re purchased, there’s more that needs to happen to increase housing opportunity for all in Maryland.”
Maryland REALTORS® is the largest professional trade association in the state, serving over 28,000 members, and is dedicated to preserving the vitality of the real estate market. REALTOR® is a registered collective membership mark which may only be used by those real estate professionals who subscribe to the REALTOR® organization's strict Code of Ethics and who are members of the national, state, and local REALTOR® organizations.
Maryland's monthly housing statistics are reported by MarketStats by ShowingTime and are 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; data are revised on a regular basis. Readers of these reports should note that older reports have not been adjusted to reflect any revised data. This report, however, contains the latest reliable data to date.
NOTE: UNITS ARE THE "UNITS" SOLD; PENDING UNITS ARE UNDER CONTRACT
**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 estate 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.