Maryland’s September 2021 Housing Market Witnesses Slight Dip in Sales as Pending Units and New Listings Rise
ANNAPOLIS, MD – September 2021 housing market witnessed a slight dip in units sold, down 4.4% from September 2020 with 9,069 homes sold versus 9,484 the previous year. Despite this dip, the average price rose 6.1% to $428,342 in 2021 from $403,528 last year, while the median sales price rose 8.2% to $370,000, from $341,995 in 2020.
Also, units pending (under contract), were on the rise in September 2021, up to 9,459 in 2021 versus 9,306 in 2020, as were new listings, totaling 10,911 this year, up from 10,758 in 2020.
“While months of inventory is not where it was last year—1.2 today versus 1.8 last year—it’s still an improvement compared to last month, August 2021, when it stood at 1.1,” said Craig Wolf, 2022 President, Maryland REALTORS®. “Prices remain healthy, and inventory is slowly creeping back into the pipeline.”
One concern facing the housing market is the threat of inflation. Although the majority of experts believe inflation will level off, according to Bankrate, more than a third of the nation’s economists expect inflation to be more significant than previously thought.
“Housing prices tend to rise with inflation if demand increases as investors turn to real estate as a safe investment,” said Wolf. “The concern we always have as an association of more than 30,000 REALTORS® is how this might affect first-time home buyers as they shop for their first home. Housing affordability remains an issue in this market. On the other hand, if inflation sticks around, it could cool the market as rising rates price some buyers out of the market.”
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 still low which makes this a very good seller's market. Feel free to contact me if you have any real estate questions or considering selling or purchasing a property soon.