Maryland’s March 2022 Housing Data Continues Seven-Month Trend of Rising Prices and Fewer Sales
ANNAPOLIS, MD—April 2022—Home sales prices continued to climb in Maryland’s March 2022 housing market, while the number of units sold dropped 8%, 7,548 against 8,204 units sold in March 2021. The average sales price rose 8% to $438,619 versus last year’s figure of $406,070. Median sales prices rose 8.7%, rising to $375,000, against the March 2021 figure of $345,000.
For seven straight months, prices have risen as the number of units sold have fallen. The number of units pending—homes under contract—dropped 7.3%, 9,126 versus 9,846 in 2021. Despite the drop in units pending, the homes that sell are moving more quickly, as median days on market dropped to just six days; In February 2022 this figure was nine days. The number of new listings fell as well, down 5.5% to 10,376 against March 2021’s 10,972.
“Nationwide, we’re witnessing a weaker demand for homes, but the effects seem more pronounced here in Maryland,” said Craig Wolf, 2022 President, Maryland REALTORS®. “Across the U.S., existing home sales fell 7.2% in February, while in Maryland they dropped 13.4%. Across the nation, median days on market ranged from nine to 28 days, depending on the sale price. In March, the number of days on market was 6, averaging across all counties, all sales. All of us—more than just REALTORS®—have to give serious thought as to how we open housing opportunity and make housing affordability a reality.”
If you are considering selling; the real sale inventory in Frederick County are still at historic low levels which makes this a serious seller's market. Feel free to contact me if you have any real estate questions, considering selling or purchasing a property soon. ~ CALL / TEXT 301-748-3696 ~