Maryland’s October 2021 Housing Market Shows Fewer Units Sold; Prices Continue to Rise
ANNAPOLIS, MD – November 15, 2021
Maryland’s October 2021 housing market continued its monthly trend of a decrease in units sold, down 8,665 in 2021, a 10.4% drop from 2020’s figure of 9,676. In spite of this dip, the average sales price rose 7% to reach $431,461 as compared to 2020’s number of $403,226. The median sales price of $369,700 represented a 7.2% increase from last year’s figure of $345,000.
There are signs that suggest an easing of the market, While the number of units sold has decreased, prices are not rising as fast they were earlier in 2021. Median days on market—the number of days a house is listed before it is sold—has grown by a day over the last three months to 9 days today, versus 8 last year.
“With fewer homes sold, it certainly provides opportunities for people who weren’t able to get into the market earlier this year,” said Craig Wolf, 2022 President, Maryland REALTORS®. Regardless, the market needs more sellers. “The number of new listings in October 2021 was 9,944 a 13.2% drop from last year’s figure of 11,451. We still need more people wanting to sell their homes.”
About the rise in prices, Wolf noted that there are multiple factors at play. “Labor shortages, on-going supply chain challenges, and high material costs have all contributed to higher prices,” said Wolf. “The real estate market will continue to adapt as consumers shift to more remote work opportunities and changing spending habits.”
The market in Maryland, easing from the pandemic highs of the past several months, supports the assessment made by the National Association of REALTORS® (NAR) Chief Economist Lawrence Yun. "The housing sector's success will continue, but I don't expect next year's performance to exceed this year's," said Yun at the NAR Annual Conference in San Diego. “With more housing inventory to hit the market, the intense multiple offers will start to ease. "Home prices will continue to rise but at a slower pace."
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.