Monthly MD Market Report

Comparing Maryland Housing Market Trends

Units

According to the Maryland Realtors Housing Statistics, there were 6,748 residential and commercial units sold in September 2022. This shows a decrease of 945 units sold compared to August 2022. This also shows a significant decrease of 28%, 2,697 units, compared to the number of units sold in September 2021. Compared to both last month and last year, the data shows there’s a consistent decreased trend in the number of homes and commercial buildings sold in the state of Maryland.

Average Price

The average price of a Maryland home in September 2022 was $449,125, stated by the Maryland Realtors Housing Statistics. This shows a decrease of about $10,000 compared to the August 2022 average price of $459,066. Alternatively, this monthly decreased trend differs from the $20,506 increase in average price from $428,619 in September 2021.

The data shows that, even though prices have dropped from the previous month, homes are still more expensive in Maryland compared to last year. But isn’t everything more expensive compared to last year? The current buyers who’ve been exhausted with home searching during the increased inflation of the past year, are finally finding hope that home prices will continue to drop in the coming fall and winter months.

According to Danielle Hale, Chief Economist, realtor.com:

“For homeowners deciding whether to make a move this year, remember that listing prices – while lower than a few months ago – remain higher than in prior years, so you’re still likely to find opportunities to cash-in on record-high levels of equity, particularly if you’ve owned your home for a longer period of time.”

With less buyer demand and home prices continuing to drop, there’s still hope for buyers looking to purchase a property in the last quarter of 2022!