Maryland Home Sales Fell 41.9% in December 2022 and 21.2% for the Year,
According to the latest Maryland REALTORS® Housing Statistics Report
ANNAPOLIS, MD—January 17, 2023—Maryland home sales dropped 41.9% to 5,124 units in December 2022, against 2021’s figure of 8,818 units, according to the latest Maryland REALTORS® Housing Statistics Report. Home sales prices rose incrementally, with the average sales price rising 0.2% to $433,018 and the median sales price rising similarly, 0.3% to $370,250.
In addition to unit sales and prices, all other indicators point to a year-end market slowdown. Pending sales—houses under contract—fell 27% to 4,218. Active Inventory—homes available for sale—slipped 9.7% to 8,172. Median Days on Market expanded to 16 days.
“This market hasn’t been easy for the consumer, and affordability issues aren’t helped when the 30-year fixed rate—6.48% now—is more than double what it was last December,” said Yolanda Muckle, 2023 President, Maryland REALTORS®. “As an association, we are working hard to increase housing opportunity and we will be discussing a variety of solutions, such as Accessory Dwelling Units, with Maryland lawmakers in Annapolis.”
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.
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