Residential home prices made significant gains in January compared to the same period in 2018, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 5.1 percent while median prices rose by 5.0 percent as compared to the same time in 2018. "The average residential home and median sale prices both made significant gains in January," said Maryland REALTORS® President Merry Tobin.
"The months of available inventory also increased to 4.6 months in January," continued Tobin. A 6 to 6.5-month supply is considered to be a balanced market.
While average and median prices increased, January saw a decrease of 16.8 percent in units sold.
The January statewide median sales price was $275,000 compared to $262,000 in 2018. This represents an increase of 5.0 percent.
Pending units decreased from 6,521 to 6,533 compared to the same time in 2018. Whether this indicates a slowing market will be borne out over the next several months. The Average Sale Price compared to Original List Price for January increased slightly from 95.4 percent from 95.1 percent from 2018 to 2019.
Please consider The Myers Team your resource for all things real estate. We have over 30 years of real estate experience, specializing in the Montgomery County area. If you are refinancing, want a recommendation, need a service provider or just have a home related question, please give me a call at 301-910-9910 or email me at bobmyersteam@gmail.com.
