Maryland Home Sales Continue to Fall Across All Counties As Sales Prices Continue Their Rise in the June 2023 Maryland REALTOR® Housing Stats
ANNAPOLIS, MD—July 19, 2023—Home sales in Maryland dropped substantially by 21.7% to 6,938 units in June 2023 against June 2022 sales of 8,857, according to the June 2023 Maryland REALTORS® Housing Statistics. Prices continued their climb, with the average sales price rising 2.9% to $501,346 versus last year’s figure of $487,085. The median sales price rose 1.3% to $415,148.
Units pending (houses under contract) dropped 11.7% to 6,854 from 7,758 units in June 2022. Fewer houses under contract reflects the lack of inventory, which further exacerbates the number of homes sold in the state. Leading indicators are also reflecting the slowdown, as the number of new listings declined to 7,142 from 11,076 in June 2022.
“When you see a drop in units sold and new listings while prices continue to rise, it signals two things: first, consumers are being priced out of the market and second, the market desperately needs ‘missing middle housing’ that is affordable to people of moderate and lower incomes,” said Yolanda Muckle, 2023 President, Maryland REALTORS®. Missing middle housing is compatible in scale with existing single-family homes but provides more diversity in home size and price points than existing homes.
“It’s frustrating that this current market is outpricing people with full-time jobs,” added Muckle. “We have a housing crisis in excess of 122,000 units. People can’t find a place they can call home. Local jurisdictions may rely on the zoning laws in place in their area, but their regulations haven’t helped this situation. If current zoning laws worked, we wouldn’t be in this predicament in the first place.”
Consumers do have opportunities to have their voice heard about the frustrations they’ve faced when looking for a home. By visiting opendoorsmaryland.org/share-your-story/, consumers can share their experiences. The more voices heard, the more stories shared, will be a significant help in changing the current state of housing in Maryland.
We are experiencing a unique housing market. While the number of transactions is below seasonal historical levels, the low number of new resale listings coming on the market is creating a shortage of available properties in many price ranges in our market area. Pending and sold numbers are down which is mainly due to homeowners staying put. With the low supply of inventory and the buyer demand in the more affordable and mid-price ranges, home prices are heading higher.
Right now is the 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.