January 2021 Housing Data Show Strong Sales with
Inventory Tightening to Below One Month
Maryland’s housing market opened 2021 with strong January sales figures that outpaced January 2020 sales by 14.2%. Average sales prices rose to $387,118, an increase of 14.2%, while median sales prices increased 12.4% to $326,000 (including an increase of nearly 90% in Baltimore City). The ongoing concern remains the lack of available inventory, which has now dropped to less than one month.
“It’s always good to see the year beginning with strong, robust sales. This January, a house was on the market for about ten days before it sold. This time last year, it took about a month,” said Dee Dee Miller, President, Maryland REALTORS®. “So, yes, homes are moving quickly, but inventory, while trying to play catch-up, still lags significantly. With less than one month of inventory, we need more sellers entering the market and many more new homes built.”
Remember, the data is compiled from all 24 Maryland counties.
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