Monthly MD Market Report

Comparing Maryland Housing Market Trends

Units Sold

According to the Maryland Realtors Housing Statistics, there were 5,745 residential and commercial units sold in October 2022. This shows a significant decrease of 1,003 units sold compared to September 2022. This also shows a decrease of about 36%, 3,299 units, compared to the number of units sold in October 2021. Fall and winter are naturally slow seasons for real estate sales, so this isn’t a surprise. This is actually the perfect time for buyers who are looking for less competition to begin searching for a home.

Months of Inventory

More good news for buyers! According to Maryland Realtors Housing Statistics, there’s currently a little under a month and a half’s worth of available MD housing inventory. This is a 10% increase in the amount of Maryland’s housing market inventory from September 2022. I found it interesting that the amount of available inventory in October 2022 is the same exact amount as it was in October 2021. Making everyone ask the same question: “Is the housing market beginning to stabilize?”

We all know in 2020 the COVID-19 pandemic caused potential sellers to stay in their homes instead of selling, resulting in the housing inventory to drop to drastic lows. The graph below, provided by Keeping Current Matters, shows the national home inventory data from the National Association of Realtors for the past twenty-three years. This data shows the current national home inventory of a little over three months is still low compared to 2018’s inventory of four months, but higher than last year’s inventory of a little over two months.

Average Price

The average price of a Maryland home in October 2022 was $445,200, stated by the latest Maryland Realtors Housing Statistics. This shows a decrease of about $3,925 compared to September's average price of $449,125. I find the difference in average home prices interesting when comparing August and September versus September and October of 2022. There was a much larger decrease, of about $10,000, in average home prices from August to September of this year. The data shows the decreased trend of average home prices is slowing down in Maryland. Sellers are holding firm on home prices and offering less wiggle room for negotiations.