ANNAPOLIS, MD -November 23, 2020
Maryland’s October housing market continued its dramatic upward climb, with a leap in sales that measured 27.6% above last year’s sales. Two Eastern Shore counties more than doubled homes sold than the previous year with Talbot growing 105.6% and Kent
County rising 126.9%. Average sales prices grew 16.3% from 2019 and median prices jumped 15% to $345,000.
“These last two months of double-digit growth truly emphasizes the appeal of transacting in real estate in the present environment,” said Dee Dee Miller, President, Maryland REALTORS®. “Since turning the corner in July, sales have been on an upward trend.
“Inventory remain a challenge, with less than half of the number of homes on the market from a year ago, although we also witnessed an increase in number of new listings from 2019, up 11% from the previous year,” added Miller. “This may help moderate
the rapidly rising prices, which negatively affect affordability. While many things need to be addressed to provide more housing—including the need for additional housing construction—this increase in new listings should help meet some of the demand.”
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 firstname.lastname@example.org.