HUGHESVILLE, Md. – Jan. 19, 2022 – Coming back from one of the most tumultuous years our country has faced in recent memory, the benefits of being a real estate owner in 2021 did not falter. When compared to 2020, last year signals positive and sometimes overwhelming changes to the local housing market, typically favoring home sellers.
Across the Southern Maryland region, 8,271 properties sold for a total of $3,320,481,688. These are significant increases from 2020, up approximately 9.8% in units sold and roughly 21.3% in total sales volume.
Those drastic year-over-year changes don’t stop there. Anyone involved with a real estate transaction last year was likely privy to a significant drop in the amount of time it took to sell a house. The average days on the market for a home in Southern Maryland throughout 2021 was 16 days, a drastic change from the average of 34 days in 2020.
One statistic that still draws concerns both locally and nationally is the minimal inventory on the market. Locally averaged totals show roughly 0.6 months of inventory across the region right now, slightly less than during the same time last year.
The final statistic that caught the attention of the Southern Maryland Association of Realtors®(SMAR) was the significant increase in the regional median sold price. The median sold price locally in 2021 was $375,000, up nearly $36,000 from 2020. More notably, the average median sales price from the past five years comes in at $321,370, showing a historic increase.
“Upon review of the local data, there are some positives, and there are some causes for concern,” SMAR 2021-2022 President Gregg Kantak said. “While low levels of inventory historically equate to increased home prices, this does not always result in a sustained and meaningful market. We can still see some typical yearly trends, but ongoing housing supply deficiencies, coupled with ever-increasing home prices and crippling inflation, the results may adversely impact the middle class and first-time homebuyers.”
Individual housing market statistics from each county in the Southern Maryland region can be found below:
- Units Sold: 2,182 (+7.9%)
- Total Sales Volume: $942,312,244 (+15.6%)
- Average Days On The Market: 19 (-21 Days from 2021)
- Median Sold Price: $390,000 (+8.3%)
- Units Sold: 3,877 (+14.1%)
- Total Sales Volume: $1,559,022,192 (+28.9%)
- Average Days On The Market: 13 (-17 Days from 2021)
- Median Sold Price: $388,000 (+12.5%)
St. Mary’s County
- Units Sold: 2,212 (+4.7%)
- Total Sales Volume: $819,147,252 (+15.1%)
- Average Days On The Market: 19 (-16 Days from 2021)
- Median Sold Price: $345,000 (+7.8%)
Visit https://www.southernmarylandrealtors.org/pages/housing-statistics/ every month for additional details about the housing market in Southern Maryland.
Statistics for this article were compiled with cooperation from Bright MLS, a leading housing market data source and a real estate listing service for Realtors® throughout the region.