Maryland Real Estate Market Update - April 2023
Is this a spring market?
The weather outside feels like spring, and the spring market is slowly easing its way in for 2023. Low inventory means that people are waiting to win a home before putting theirs on the market and we have a delay of sorts.
There are also buyers who are hesitant - whether the interest rates put a wrench in their search or the lack of things to look at makes them want to wait, the common phrase we've been hearing is, "I love it! Let me know if anyone else is making an offer." Ugh!
In April, we look at market numbers for the month of March in 2022 and 2023. As you can see the number of sales completed is down 27.4% over last year while both average and median prices are showing a slight increase.
What's the outlook for April?
The pipeline is showing that pending and active inventory is down below last year yet inventory is slightly above last year and homes are taking a bit longer to sell. New listings are down substantially so now is a great time to sell even a not so perfect home.
Any questions about your specific neighborhood in MD, DC or Northern Virginia just give me a call to get started.