HUGHESVILLE, Md. –– Mirroring several national trends, Southern Maryland saw the housing market cool down last month, with high mortgage rates and home prices proving to be too much for buyers.
Data collected by the Southern Maryland Association of Realtors® shows that home values made marginal increases when compared to last year.
The median sold price for the region was recorded at $389,000, up roughly 2.37% from 2021. This is a total median price increase of approximately $9,000.
The number of units sold for the month dropped significantly by roughly 27.16%. This is a major contributor to the decreased sold volume, which saw a monthly drop of about 22.83% or over $66 million.
The market cool-down is even more evident by the increased average days on the market compared to last year. Homes are staying on the market for an average of 24 days in Southern Maryland, an increase of roughly eight days from last year.
Additionally, the market is currently facing a strong number of active listings, up 27.08% from this time last year. However, new listings have dropped off somewhat, seeing a decline of approximately 20.27% from 2021.
Pending home sales have also seen major drops when compared to last year, down roughly 39.82%.
In continuation of last month, buyers appear to be gaining leverage in negotiations, as the average sold price to original list price ratio continues to drop below 100%. The current ratio of 97.9% means that homes are selling on average for less than they are being listed at, and this is a decrease from last year at this time when it was roughly 100.4%.
“The Federal Reserve has indicated interest rates shall not decrease in the near future as it continues to mitigate a recession,” SMAR 2021-22 President Gregg Kantak said. “Despite rising interest rates and potentially its impact on buying power, buyers should be expanding their focus and creativity in their selection and forge ahead into home ownership. A buyer should now consider a longer commute, a fixer-upper, less square footage and the like. After all, it is always more important to begin building personal wealth and that journey begins with real estate.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
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.
More about the Southern Maryland Association of Realtors®:
The Southern Maryland Association of Realtors® represents the largest trade organization in the southern Maryland region, advocating on behalf of over 1,800 members and affiliates. SMAR advocates for property rights and provides insights regarding the local real estate market.
Data collected by the Southern Maryland Association of Realtors® shows that home values made marginal increases when compared to last year.
The median sold price for the region was recorded at $389,000, up roughly 2.37% from 2021. This is a total median price increase of approximately $9,000.
The number of units sold for the month dropped significantly by roughly 27.16%. This is a major contributor to the decreased sold volume, which saw a monthly drop of about 22.83% or over $66 million.
The market cool-down is even more evident by the increased average days on the market compared to last year. Homes are staying on the market for an average of 24 days in Southern Maryland, an increase of roughly eight days from last year.
Additionally, the market is currently facing a strong number of active listings, up 27.08% from this time last year. However, new listings have dropped off somewhat, seeing a decline of approximately 20.27% from 2021.
Pending home sales have also seen major drops when compared to last year, down roughly 39.82%.
In continuation of last month, buyers appear to be gaining leverage in negotiations, as the average sold price to original list price ratio continues to drop below 100%. The current ratio of 97.9% means that homes are selling on average for less than they are being listed at, and this is a decrease from last year at this time when it was roughly 100.4%.
“The Federal Reserve has indicated interest rates shall not decrease in the near future as it continues to mitigate a recession,” SMAR 2021-22 President Gregg Kantak said. “Despite rising interest rates and potentially its impact on buying power, buyers should be expanding their focus and creativity in their selection and forge ahead into home ownership. A buyer should now consider a longer commute, a fixer-upper, less square footage and the like. After all, it is always more important to begin building personal wealth and that journey begins with real estate.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
- Units Sold: 145 (-13.17%)
- Total Sales Volume: $ 67,546,128 (-6.92%)
- Average Days On The Market: 26 (+5 Days from September 2021)
- Median Sold Price: $389,000 (No Change)
- Units Sold: 219 (-37.61%)
- Total Sales Volume: $ 95,067,134 (-34.13%)
- Average Days On The Market: 21 (+7 Day from September 2021)
- Median Sold Price: $405,000 (+2.53%)
- Units Sold: 151 (-20.11%)
- Total Sales Volume: $ 60,981,884 (-16.31%)
- Average Days On The Market: 25 (+9 Days from September 2021)
- Median Sold Price: $365,000 (+6.73%)
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.
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More about the Southern Maryland Association of Realtors®:
The Southern Maryland Association of Realtors® represents the largest trade organization in the southern Maryland region, advocating on behalf of over 1,800 members and affiliates. SMAR advocates for property rights and provides insights regarding the local real estate market.
