SEPTEMBER ~2022 ~ MARYLAND Housing Statistics

Real Estate Broker/Owner with Mackintosh REALTORS 82894
A Steep Drop in New Housing Listings Continues to Point to
a Market Cool down in Maryland’s September 2022 Housing Statistics
ANNAPOLIS, MD—October 12, 2022—Maryland’s September home sales experienced a 28.6% drop in units sold, according to the latest Maryland REALTORS® Housing Statistics Report. While still a seller’s market with average home sale prices rising 4.8% to $449,125 against the 2021 figure of $428,619, and median home sale prices rising 4.3% to $386,000, other signs, like median days on market, which jumped to 11 days in September, still point to a market cool down.
According to Yolanda Muckle, 2023 President, Maryland REALTORS®, mortgage rates have played a significant role in this slowing. “Even though mortgage interest rates have dropped slightly this past week, the rate itself is significantly higher than it was a year ago,” explained Muckle, “and while prices continue to rise, with each passing month the rate of price increases drops further.” For example, in June 2022, the average sales price rose 10.1% from June 2021.
Other signs from the housing report that suggest a cool down include a 26.5% drop in pending sales (houses under contract) and a 22.1 percent drop in new listings, when compared to last year.
Added Muckle, “This is a market in transition. Inventory that takes longer to move, prices that are rising though not as quickly as before, and mortgage rates—despite this slight dip—that are likely to go higher. If you're looking to buy or sell your home, I’d advise doing so now as mortgage rates are likely to go higher.”

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.

~ CALL / TEXT 301-748-3696 ~


Comments (6)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Buzz... a strong market on the whole. Shows how you can't pay attention to those headlines of the market crashing head-first.

Oct 19, 2022 04:41 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The infographic tells the story in an easy-to-understand manner.  You do a great job of keeping your market informed!

Oct 19, 2022 04:52 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Buzz,

Love the infographics..shows what is going on in your market at a glance! Looks like a strong market on the whole..headlines painting only doom and gloom (as usual)

Oct 19, 2022 06:11 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA

Thank you for your interesting real estate market report.  It looks like your area is still doing well.

Oct 19, 2022 08:15 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Selling the Main Line & Chester County

This picture seems to be the same across the country right now. Prices are still rising, albeit at a much slower rate, but all the other numbers are lower, showings, pending sales and closed sales.

Oct 19, 2022 11:00 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Maryland home buyers and sellers are sure to value your real estate market report, Buzz.

Oct 24, 2022 07:36 PM