HUGHESVILLE, Md. –– As the end of the year nears, the Southern Maryland housing market has seen several significant changes from this time over the past several years.
According to the most recent data from the Southern Maryland Association of REALTORS®, although fewer homes are selling and are selling at a slower pace, prices have begun to fluctuate across most of the region.
While active inventory continues to grow, this has helped to shift more power back to the buyer during the transaction. The historically low amount of stock on the market indicates we are in a seller’s market, as we have been since 2018.
“We are starting to see our local housing market return to how it was before 2019,” SMAR 2022-2023 President Michael Funk said. “Even though buyers are starting to get some control during the transaction, it is a great time to be a seller. Like most countries, Southern Maryland is still faced with an inventory crisis.”
The average sold price to original list price ratio has decreased by approximately 2.16% from last year, showing buyers are gaining some leverage during transactions. Homes are starting to sell for less than they are listed.
Active listings are up 62.17% from last year, and prices have only continued to see modest increases.
The median sold price across Southern Maryland is up slightly from last year by a marginal 1.51% increase. The average sold price for the region saw an increase of approximately 1.12%.
“With inflation having driven up interest rates over the past several months, a buyer’s purchasing power will continue to decrease,” Funk said. “Home prices are expected to drop from their peak despite inventory challenges, and possible home buyers will feel those impacts heading into 2023 if they haven’t already.”
Notably, for the second consecutive month, St. Mary’s County saw no change to its median sold price from last year to now, and Calvert County saw its first price decrease in several years. Charles County’s continued price growth helped raise the region’s averages.
Additionally, homes are staying on the market for more extended periods. The average days on the market increased across Southern Maryland by 11 days compared to 2021.
The continued trend of homes sitting on the market for longer and buyers having more room to negotiate have contributed to decreased market activity.
Southern Maryland saw a 44.44% decline in units sold compared to 2021. This also led to a significant drop in the sold dollar volume, dropping over $120 million, down to $160,539,932 total sold across the region.
Housing market statistics from each county in the Southern Maryland region can be found below:
- Units Sold: 84 (-50.00%)
- Total Sales Volume: $ 37,346,132 (-49.78%)
- Average Days On The Market: 39 (+19 Days from November 2021)
- Median Sold Price: $387,000 (-3.25%)
- Units Sold: 190 (-44.44%)
- Total Sales Volume: $ 83,931,954 (-40.41%)
- Average Days On The Market: 28 (+13 Day from November 2021)
- Median Sold Price: $411,000 (+3.74%)
St. Mary’s County
- Units Sold: 101 (-38.79%)
- Total Sales Volume: $ 39,261,846 (-41.90%)
- Average Days On The Market: 28 (+3 Days from November 2021)
- Median Sold Price: $365,000 (No Change)
Visit https://www.southernmarylandrealtors.org/pages/housing-statistics/ every month for additional details about the housing market in Southern Maryland.