HUGHESVILLE, Md. –– A lack of available inventory, coupled with high-interest rates, has created problems now being faced in Southern Maryland and many other jurisdictions nationwide.
According to the most recent data from the Southern Maryland Association of REALTORS®, several key trends have appeared over the past month in the local market.
Although the median sold price for the region saw a marginal drop of roughly 1.18% compared to this time last year, that median sold price is still estimated at $420,000.
26.33% fewer units sold over the past month, and many of those that did took longer than they would have last year, as the average days on the market went up 50% to 21 days. However, it can be noted that most homes sold after being on the market for 10 days or less.
Most prospective homebuyers and real estate agents will say that there has been an inventory shortage going on for years. Although months of supply have been trending upward for the past six months, we haven’t seen what is often considered a healthy level of inventory since early 2019.
“Finding solutions to the problems facing homebuyers, the housing market, and the economy should be a priority for our elected leaders on all levels,” SMAR 2022-2023 President Michael Funk said.
Year-over-year, active listings across Southern Maryland are down approximately 17.03% and new listings are down roughly 32.33%. New pending sales are also down 10.78%, which is a clear indicator that there are fewer transactions taking place.
While a lack of inventory is a contributing factor, it is important to acknowledge the growing affordability crisis facing the Southern Maryland market and much of the country.
This month, federal mortgage purchaser Freddie Mac, announced that interest rates had reached levels last seen over two decades ago in 2001.
“These higher rates now heavily contribute to the ever-increasing affordability problems facing homebuyers currently in the market. The difference a couple of percentage points have on the interest rate can cost a homeowner hundreds of dollars more each month,” Funk said. “Many people now feel forced to stay where they are just to keep up, and many are locked in with a much lower interest rate. Even if people can afford to go somewhere else, so many people aren’t entering the market because there aren’t many options out there.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
Units Sold: 104 (-28.77%)
Total Sales Volume: $ 48.7 Million (-33.57%)
Average Days On The Market: 18 (+4 Days from July 2022)
Median Sold Price: $416,000 (-11.96%)
Charles County
Units Sold: 196 (-16.95%)
Total Sales Volume: $ 87.3 Million (-16.43 %)
Average Days On The Market: 21 (+9 Days from July 2022)
Median Sold Price: $430,945 (+2.00%)
St. Mary’s County
Units Sold: 103 (-37.58%)
Total Sales Volume: $ 44.5 Million (-38.75%)
Average Days On The Market: 24 (+8 Days from July 2022)
Median Sold Price: $400,000 (-1.23%)
Visit https://www.southernmarylandrealtors.org/pages/housing-statistics/ every month for additional details about the housing market in Southern Maryland. A video breakdown of the local statistics for the month can be found on the SMAR YouTube page at:
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.
According to the most recent data from the Southern Maryland Association of REALTORS®, several key trends have appeared over the past month in the local market.
Although the median sold price for the region saw a marginal drop of roughly 1.18% compared to this time last year, that median sold price is still estimated at $420,000.
26.33% fewer units sold over the past month, and many of those that did took longer than they would have last year, as the average days on the market went up 50% to 21 days. However, it can be noted that most homes sold after being on the market for 10 days or less.
Most prospective homebuyers and real estate agents will say that there has been an inventory shortage going on for years. Although months of supply have been trending upward for the past six months, we haven’t seen what is often considered a healthy level of inventory since early 2019.
“Finding solutions to the problems facing homebuyers, the housing market, and the economy should be a priority for our elected leaders on all levels,” SMAR 2022-2023 President Michael Funk said.
Year-over-year, active listings across Southern Maryland are down approximately 17.03% and new listings are down roughly 32.33%. New pending sales are also down 10.78%, which is a clear indicator that there are fewer transactions taking place.
While a lack of inventory is a contributing factor, it is important to acknowledge the growing affordability crisis facing the Southern Maryland market and much of the country.
This month, federal mortgage purchaser Freddie Mac, announced that interest rates had reached levels last seen over two decades ago in 2001.
“These higher rates now heavily contribute to the ever-increasing affordability problems facing homebuyers currently in the market. The difference a couple of percentage points have on the interest rate can cost a homeowner hundreds of dollars more each month,” Funk said. “Many people now feel forced to stay where they are just to keep up, and many are locked in with a much lower interest rate. Even if people can afford to go somewhere else, so many people aren’t entering the market because there aren’t many options out there.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
Units Sold: 104 (-28.77%)
Total Sales Volume: $ 48.7 Million (-33.57%)
Average Days On The Market: 18 (+4 Days from July 2022)
Median Sold Price: $416,000 (-11.96%)
Charles County
Units Sold: 196 (-16.95%)
Total Sales Volume: $ 87.3 Million (-16.43 %)
Average Days On The Market: 21 (+9 Days from July 2022)
Median Sold Price: $430,945 (+2.00%)
St. Mary’s County
Units Sold: 103 (-37.58%)
Total Sales Volume: $ 44.5 Million (-38.75%)
Average Days On The Market: 24 (+8 Days from July 2022)
Median Sold Price: $400,000 (-1.23%)
Visit https://www.southernmarylandrealtors.org/pages/housing-statistics/ every month for additional details about the housing market in Southern Maryland. A video breakdown of the local statistics for the month can be found on the SMAR YouTube page at:
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.