HUGHESVILLE, Md. – The Southern Maryland housing market evidences a rebound with key statistics indicating positive trends, according to the latest data from the Southern Maryland Association of REALTORS® (SMAR). In a recent report, the association highlighted a year-over-year increase in home values, market activity, and a decrease in the average time homes spend on the market.
The region saw approximately 290 units sold in the past month, marking a 3.2% increase from last year. Pending home sales also rose by 3.62%, suggesting that many buyers are entering the market. This uptick in activity is coupled with a significant rise in home values, with average and median sold prices up by 3.03% and 9.86%, respectively.
SMAR's 2023-2024 President, Tracy Vasquez, provided insight into the data, emphasizing the importance of contextualizing current market conditions against those of previous years. "If we look back to what the market was doing in 2022, 2021, or even before 2020, we can clearly see that the housing market is still playing catch up," Vasquez noted. She acknowledged the positive signs but cautioned that the market has a considerable distance to go before it can be considered healthy.
Despite the current year's gains, the market is operating at roughly 68% of the transaction volume seen in 2022. Challenges remain, with active and new listings down 16.77% and 23.05%, respectively, from the previous year. However, the average time to sell a home has decreased to 32 days, nine days less than last year, indicating a faster-moving market.
Sellers are also holding firmer on prices, with the average sold price to original list price ratio climbing nearly 2% to 98.5%. This means sellers are receiving closer to their asking prices than a year ago.
County-specific data reveals varied performance across the region. Calvert County experienced decreased units sold and total sales volume, while Charles County saw significant increases in both metrics. St. Mary's County's units sold slightly declined, but the total sales volume and median sold price improved.
Monthly updates and video breakdowns are available on the SMAR website and its YouTube channel for those seeking more detailed insights into the Southern Maryland housing market. In collaboration with Bright MLS, these resources provide comprehensive analysis and trends for realtors and potential homebuyers.
Vasquez remains optimistic about the market's trajectory, concluding, "The good news is that there are several bright spots in what the market has been doing over the past month. Now, we remain hopeful that it will continue to improve throughout the year."
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
- Units Sold: 64 (-8.57%)
- Total Sales Volume: $ 27.6 Million (-12.27%)
- Average Days On The Market: 34 (-4 Days from January 2023)
- Median Sold Price: $404,500 (+3.06%)
Charles County
- Units Sold: 151 (+11.85%)
- Total Sales Volume: $ 65.9 Million (+15.81 %)
- Average Days On The Market: 31 (-8 Days from January 2023)
- Median Sold Price: $425,000 (+9.01%)
St. Mary's County
- Units Sold: 75 (-1.32%)
- Total Sales Volume: $ 29.4 Million (+7.41%)
- Average Days On The Market: 33 (-13 Days from January 2023)
- Median Sold Price: $390,000 (+13.87%)
The ongoing recovery and improvement of the Southern Maryland housing market are crucial for both homeowners and potential buyers as they navigate the complexities of real estate transactions in a changing economic landscape.
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