Southern Maryland Housing Market Sees Sales Slow, Prices Slightly Grow – The Southern Maryland Chronicle

HUGHESVILLE, Md. –– Because the Southern Maryland housing market continues to expertise turbulence, costs proceed to see slight good points whereas properties keep in the marketplace for longer than up to now few years.

In line with the latest knowledge collected by the Southern Maryland Affiliation of Realtors®, the market has returned to many circumstances beforehand noticed earlier than 2020. Rates of interest have risen barely from historic lows, and homes are staying in the marketplace longer.

This market shift has given some negotiating energy again to consumers, though the stock scarcity within the area retains sellers within the driver’s seat.

“The housing market proper now could be very steady, regardless of stock ranges being tight,” 2022-23 SMAR President Michael Funk stated. “We aren’t seeing any main worth reductions, and sellers are offering extra closing prices on higher-end properties. Something below $300,000 continues to be shifting reasonably rapidly.”

New listings decreased by 27.16% from this similar time final yr. Nonetheless, there are nonetheless barely extra homes in the marketplace, as lively listings are up roughly 42.05% from 2021.

Fewer consumers have been leaping into homeownership in Southern Maryland as the overall variety of items offered over the previous month is down 34.72% from final yr.

“Rates of interest have come down barely the previous couple of weeks,” Funk stated. “I might say the present rates of interest have induced fewer consumers to enter the housing market, however there may be nonetheless not sufficient stock to fulfill the calls for of consumers actively wanting available in the market.”

Moreover, homes have been staying in the marketplace longer than final yr, as Southern Maryland noticed the typical days in the marketplace rise from 17 days in 2021 to now 24 days.

The clearest proof of consumers getting leverage in transactions nowadays might be discovered within the common offered worth to authentic checklist worth ratio. This statistic exhibits that final yr at the moment, consumers have been paying, on common, 100% of what sellers have been asking for a home. That statistic exhibits consumers are paying a mean of 98.7% of what sellers initially ask for.

Nonetheless, the market has nonetheless proven indicators of extra wholesome margins of worth good points. The median offered worth throughout Southern Maryland is roughly $19,000 from final yr, which is a 5.24% enhance. The common offered worth additionally noticed a rise of simply over 4%.

Notably, St. Mary’s County noticed no change to its median offered worth from final yr to now.

Housing market statistics from every county within the Southern Maryland area might be discovered under:

Calvert County

• Models Offered: 102 (-36.25%)
• Whole Gross sales Quantity: $ 45,789,114 (-33.34%)
• Common Days On The Market: 25 (+4 Days from October 2021)
• Median Offered Worth: $403,000 (+8.92%)

Charles County

• Models Offered: 213 (-38.44%)
• Whole Gross sales Quantity: $ 93,175,991 (-34.15%)
• Common Days On The Market: 22 (+7 Day from October 2021)
• Median Offered Worth: $410,000 (+2.50%)

St. Mary’s County

• Models Offered: 123 (-25.45%)
• Whole Gross sales Quantity: $ 46,251,461 (-24.38%)
• Common Days On The Market: 28 (+9 Days from October 2021)
• Median Offered Worth: $360,000 (No Change)

Go to https://www.southernmarylandrealtors.org/pages/housing-statistics/ each month for extra particulars in regards to the housing market in Southern Maryland.

Statistics for this text have been compiled with cooperation from Vibrant MLS, a number one housing market knowledge supply and an actual property itemizing service for Realtors® all through the area.