HUGHESVILLE, Md. – As the summer months begin to heat up, so does the housing market in Southern Maryland.
According to the most recent data from the Southern Maryland Association of REALTORS®, most key indicators of the market have made positive turns when compared to this time last year.
Starting with inventory, the number of active listings and new listings have continued to grow year-over-year, up 9.39% and 10.48%, respectively. More homes also sold last month in our region, with units sold up almost 13% annually.
Additionally, new pending transactions have continued to grow by roughly 6.84% as new inventory continues to drive and support demand.
“Interest rates have remained higher than many experts expected them at this point in the year,” SMAR 2023-2024 President Tracy Vasquez said. “While various economic factors such as inflation have continued to plague potential homebuyers, we are still seeing demand in our local market. When rates hopefully drop, we expect even more buyers to enter the market, and this current uptick in inventory will hopefully help maintain some balance.”
The amount of time homes stay on the market also dropped considerably from last year, down six days to an average of 19 days on the market.
Home prices have also continued to marginally grow. The median sold price for a home in Southern Maryland grew 3.53% last month, and the average sold price was up 6.75%.
Another important factor to look at in our market is the average sold price to original list price ratio, which helps determine present demand. The ratio grew last month by 0.27% to 99.7%, meaning home sellers are getting nearly full price for their houses in our market.
“The market remains nuanced, and there is still a strong demand for the inventory out there,” Vasquez added. “While we will be watching closely over the next few months to see where interest rates go and how that will impact buyers in our market, the rising levels of inventory we have seen the past few months to a healthier level is reassuring for the long run.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
Units Sold: 126 (+26.00%)
Total Sales Volume: $ 65.9 Million (+40.40%)
Average Days On The Market: 16 (-15 Days from May 2023)
Median Sold Price: $465,000 (+10.36%)
Charles County
Units Sold: 210 (-0.47%)
Total Sales Volume: $ 97.1 Million (-0.81%)
Average Days On The Market: 22 (-1 Day from May 2023)
Median Sold Price: $447,000 (+0.45%)
St. Mary’s County
Units Sold: 129 (+26.47%)
Total Sales Volume: $ 57.7 Million (+41.66%)
Average Days On The Market: 17 (-5 Days from May 2023)
Median Sold Price: $420,000 (+5.00%)
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: https://www.youtube.com/watch?v=aDDVFkBOUJI
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.
