With Fewer Homes Sold and Prices Rising,
Maryland’s August 2022 Housing Statistics Points to Cool down
ANNAPOLIS, MD—September 12, 2022—Maryland’s home sales continued its cooldown with a 24.1% drop in home sales in August 2022, down 7,693 units compared to 2021 sales of 10,137, according to the latest Maryland REALTORS® Housing Statistics Report.
Despite fewer sales, prices continued to climb with the average sales price rising 5.4% to $459,066 from $435,506 last year and the median sales price rising 4% to $390,000 against last year’s figure of $375,000. Since May 2022, when the average sales price rose 11.4% and median sales price rose 9.5%, the gains in sales price have been gradually decreasing—more evidence of a cool down.
“There are a variety of factors for the market being where it is right now,” explained Craig Wolf, 2022 Maryland REALTORS® President. “Mortgage rates are rising, now at 6% as opposed to 3% in January. We’re still dealing with higher prices and lower supply as well, which impacts affordability. While median days on market has stretched to nine days, active inventory is off 24.62%, and the number of new listings in Maryland has dropped similarly by 24.85% to 8,650. Both buyers and sellers are trying to figure out how to move within this market.”
Danielle Hale, Chief Economist for Realtor.com, who will speak at Maryland REALTORS® Annual Conference in Ocean City, MD, on September 22, echoed this sentiment “As recession concerns weigh on consumer outlooks, our survey shows uncertainty has made its way into the minds of many buyers,” she said.
The experts say the market is cooling down, however the inventory is still very low and well priced properties are still selling fast. If you are considering selling or Buying and looking for an experienced agent who can react quickly by monitoring market conditions on a daily basis feel free to contact me. If you have any real estate questions.
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