Maryland Housing Statistics ~ August 2023

Real Estate Broker/Owner with Mackintosh REALTORS 82894

There is still a scarcity of supply in the Mid-Atlantic region. but the gap from 2022 levels has narrowed with new listings down just 7.8% from this time last year. In typical years, there is a significant decrease in listings throughout August, but this year, listings have stayed far steadier. Labor Day weekend did not slow down listing activity with the number of new listings up 2.6% from a week earlier. The median list price reported by Bright MLS made a jump for the week ending September 3rd, it was $395,000, a 2.6% increase. The list price is also up 5.3% from last year.  Contracts were down only slightly. While new contracts were down 16.5% from last year, the week-over-week decrease into the holiday weekend, down 3.2%, is far less than in recent years at this time. With mortgage rates still over 7%, the recent plateau in purchase activity could reflect more buyers hitting an affordability ceiling. 


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 region. 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. 
If you have been pondering a move, right now is the ideal time to 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. 
                                  ~ CALL / TEXT 301-748-3696 ~


Comments (3)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Buzz... never ceases to amaze me how closely our respective markets "track."

Sep 23, 2023 07:56 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em:

Great State information. Thanks for sharing, enjoy your weekend. Bill

Salvatore Arizona Elite Properties.

Sep 23, 2023 10:48 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The market looks strong in Maryland!  Your infographics do a great job of presenting the statistics!

Sep 24, 2023 05:12 AM