Maryland Home Sales Continue to Fall in the
March 2023 Maryland REALTOR® Housing Stats
ANNAPOLIS, MD—April 13, 2023—Home sales in Maryland dropped 27.4% to 5,709 units in March 2023, according to the latest Maryland REALTORS® Housing Statistics Report. The average sales price grew just 0.7% to $444,752, while median sales price increased 1.2% to $380,000.
Further signs of a softening market can be seen in Units Pending (homes under contract), which fell 22% to 6,804. Active Inventory dropped 8.6% to 7,445 units, while the number of new listings entering the market dropped by 34% to 6,855. All three indicators—Units Pending, Active Inventory, and New Listings—reflected the biggest drop in their respective categories since the beginning of the year, however, the continuing rise in prices is a sign that the market is still out of balance. This is confirmed by the fact that months of inventory has just exceeded one month, as opposed to the benchmark of six months, which indicates a market balanced between supply and demand.
“While buyers clearly want to be in the market, housing remains unaffordable to many. Consumers need a range of options, and they’re simply not available,” said Yolanda Muckle, 2023 President, Maryland REALTORS®. “During the most recent Maryland legislative session, a couple bills were passed that can help in the long run, and we look forward to Governor Moore signing these bills into law, but there’s so much more that needs to be done.”
Recently the Maryland General Assembly passed two bills. SB 382/HB 239 would form a task force to study the creation of Accessory Dwelling Unit ordinances statewide. Another bill, HB 98, would reform insurance requirements for detached condominiums. Both bills address the lack of “missing middle” housing in Maryland.
“Missing middle” housing is comprised of homes that are compatible in scale with existing single-family residences but provide more diversity in home sizes and price points. It is housing that is needed to serve the very populations that are experiencing housing shortages and affordability challenges in Maryland but cannot be built under current zoning regulations. Maryland currently faces a housing shortage of more than 122,000 units.
“While we appreciate the Maryland legislature wanting to study ADUs, local communities can make it easier for their residents to do something now,” said Muckle. “Anne Arundel County earlier this month made it easier for ADUs to be built on homeowner’s properties. We look forward to other jurisdictions doing the same.”
Right now the preowned inventory for active listings is at a historically low level in Frederick County with a pent-up demand of buyers looking for a home making this spring an ideal time to sell if you have been considering listing your property. I have guided valued clients through market balancing times like these for over 38 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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