Maryland REALTORS® Releases 2022 Year-End Housing Statistics
In 2022, Maryland’s home sales fell 21.2% to 84,658 units, versus 2021’s figure of 107,407, while the average sales price rose 6.3% to 453,759 and the median sales price rose 6.5% to $385,000. For most of this year, Marylanders witnessed home sales falling as sales prices climbed less and less.
Other signs that point to a slowdown in 2022 include a drop in Units Pending—houses under contract—to 82,199, a 22.3% decline from 2021’s figure of 105,728. The number of New Listings fell 16.7% to 101,860.
“While 2022 wasn’t a picnic, homes are continuing to retain their value as the market heads into 2023,” said Yolanda Muckle, 2023 President, Maryland REALTORS®. “Having recently attended the First Friday Economic Forum hosted by the Maryland Bankers Association, we’ve heard different takes on what may happen in 2023, but most concern revolves around inflation. This is what we’ll be keeping an eye on, as it directly affects what the Feds may do with the interest rate.”
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