Sales Continue to Fall While Prices Continue to Rise ~ Marylander's Need Housing Relief
ANNAPOLIS, MD—December 15, 2022—Maryland home sales fell to 5,201 units in November, a 40.5% decrease from 2021’s figure of 8,748 in the latest Maryland REALTORS® Housing Statistics Report. Home sales prices continued to climb, with the average sales price rising 3.1% to $444,246 and the median sales price rising 4.2% to $375,000. In addition to home sales, pending sales—houses under contract—dropped 35.3% in November. Active inventory dropped 10% to 9,754 units. Last year, homes were on market for an average of 9 days; this year days on market has expanded to 13. Homes aren’t moving as quickly in this softened market. “Many of the markers we watch, like units sold and units pending, have been falling gradually month after month. With inflation and the aggressive action to stem it on the part of the Fed, consumers are wary,” said Yolanda Muckle, 2023 President, Maryland REALTORS®. “Consumers need options in this market, such as statewide access to Accessory Dwelling Units, which has the potential to add 20,000- 40,000 or more housing units to Maryland—but we need statewide action to make that happen.” Accessor Dwelling Units (ADUs) are small, independent housing units located on the same lot as a primary residence. Maryland faces a severe housing shortage, particularly for lower-income, elderly, first-time homebuyers, and those living with disabilities. Estimates from Freddie Mac and the National Association of REALTORS® place Maryland’s housing shortage at approximately 120,000 units and ADUs can provide relief to the current housing shortage. Maryland REALTORS® supports legislation that would remove local barriers to ADU production to expand on housing opportunity throughout the state.
Although a lower number of homes are going under contract and fewer new resale listings are coming on the market, the sales activity for new resale listings going under contract within a couple of weeks remains resilient. I have guided valued clients through market balancing times like these for over 37 years, delivering trusted expertise and exceptional results every step of the way. Whether you're seeking to better understand the current market or are considering a move I invite you to contact me to discuss your real estate needs.
~ CALL / TEXT 301-748-3696 ~
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