HUGHESVILLE, Md. – The Southern Maryland housing market displayed a mixed bag of trends last month, with home values making gains while inventory levels continued to dip, according to data from the Southern Maryland Association of REALTORS®.
Home prices in the region both on average and median terms increased, registering a 4.4% and 4.88% rise, respectively. This is a positive departure from several previous months which saw either marginal gains or declines in some areas. However, this uptick in values comes amidst declining numbers of new and active listings on the market, painting a complex picture of the housing landscape.
Active listings are down by approximately 16.85% compared to last year, while new listings have decreased a substantial 22.61%. Adding to the concern, new pending sales have also dropped by 8.5%, marking a clear slowdown.
“Inventory continues to be a struggle in our market, and we are not expecting that problem to fix itself overnight. However, we need to ensure we are working to find innovative solutions to the problem,” said Michael Funk, SMAR 2022-2023 President. He also noted a dip in market activity beyond the typical summer surge as a potential economic red flag.
Further complicating the market are statistics indicating that homes are both selling less frequently and staying on the market longer. Last month saw an 11.21% year-over-year decline in the units sold. Although the average time a home stayed on the market was 22 days, the majority of homes sold in 10 days or less.
Sellers, meanwhile, are gaining more control over transactions, evidenced by a slight 0.31% year-over-year increase in the average sold price to original list price ratio. The ratio now stands at 99.5%, indicating sellers are getting nearly their full asking price.
“While home sellers have been reaping the benefits of our current market, buyers have been struggling to catch a break,” Funk said. With mortgage rates higher than in recent years and home values at historic highs, buyers face obstacles in re-entering the market, particularly due to limited options.
County-specific statistics further illuminate these trends:
- Calvert County: Units Sold: 106 (-25.35%), Total Sales Volume: $53.9 Million (-22.80%), Average Days On The Market: 28 (+9 Days), Median Sold Price: $450,000 (+4.65%)
- Charles County: Units Sold: 244 (-4.31%), Total Sales Volume: $115.4 Million (+1.39%), Average Days On The Market: 18 (+3 Days), Median Sold Price: $439,057 (+5.80%)
- St. Mary’s County: Units Sold: 149 (-9.70%), Total Sales Volume: $62.7 Million (-8.68%), Average Days On The Market: 23 (+3 Days), Median Sold Price: $405,000 (+1.50%)
For additional details on the housing market in the Southern Maryland region, visit Southern Maryland Realtors monthly. The Southern Maryland Association of Realtors provided information for this article.