HUGHESVILLE, Md. – Recent trends in the Southern Maryland housing market indicate a slowdown in activity, with both sales and listings experiencing a decline over the past month, as reported by the Southern Maryland Association of REALTORS® (SMAR).
The data from SMAR highlights several downward trends in the region’s real estate market. Active and new listings have decreased by approximately 5.24% and 3.64% respectively, compared to the same period last year. Furthermore, new pending sales have dropped by about 8.5%, indicating a decrease in the number of homes going under contract or being sold.
Despite the overall market activity slowing down, home prices have seen some positive gains. The median sold price in the region has increased by roughly 2.41%, with the average sold price rising by 1.68%. Charles County, in particular, has shown notable price increases.
The average number of days homes remained on the market has also decreased, with properties selling four days faster than last year. Additionally, the average sold price to original list price ratio has improved, rising from 98.7% to approximately 99.8%, which suggests that homes are selling closer to their asking prices.
SMAR President Tracy Vasquez commented on the current market conditions, noting the impact of rising interest rates on potential buyers. “This isn’t where we expected to be in terms of inventory or market activity as we enter the Spring and Summer market, however, demand remains strong and will still begin to pick up in the coming months,” Vasquez explained.
In terms of county-specific data, Calvert, Charles, and St. Mary’s counties all reported declines in the number of units sold. Calvert County saw a 5.38% decrease in units sold and an 8.43% drop in total sales volume. Charles County experienced a 14.93% decline in units sold, while St. Mary’s County faced a significant 29.55% reduction in units sold and a 28.29% decrease in total sales volume.
Despite these challenges, Vasquez remains optimistic about the future of the housing market in Southern Maryland. “We are optimistic that interest rates will come down later this year, and hopefully that can help ease some of the affordability problems that buyers face in our market,” she said. “However, we still really need more inventory before that can truly happen.”
For further information and monthly updates on the housing market statistics, interested parties are encouraged to visit the SMAR website at https://www.southernmarylandrealtors.org/pages/housing-statistics/. A detailed video analysis of the market trends is also available on the SMAR YouTube page.
