Maryland’s September housing market demonstrated a dramatic leap in sales of 23.1% from last year. Average sales prices rose to 16.2%. While many counties experienced double-digit sales increases, two counties performed very well: Garrett County’s sales increased 72.3% from the previous year, and Talbot County’s sales leapt to 94.4%.
“At the beginning of 2020, the average sale price was $335,910. Now, in September this figure is $402,747,” said Dee Dee Miller, President, Maryland REALTORS®. “We’ve seen significant growth in median prices as well. In January, it was $288,000, and now we’re at $340,000. The increase in number of homes sold, as well as the increase in the sale price of that home, play a significant part in Maryland’s economy.”
“We still have concerns with inventory,” added Miller. “We’ve witnessed a 34% decrease in the amount of available inventory since January, and houses continue to move swiftly: median days on market is eight days compared to 24 days a year ago. A glimmer of good news can be found in the number of new listings. In September, new listings rose 3.93% from last year, versus a 1.12% decrease in August.”
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.
