HUGHESVILLE, Md. –– As summer sets in, the housing market in Southern Maryland shows notable growth. Recent data from the Southern Maryland Association of REALTORS® (SMAR) highlights positive trends across several key indicators compared to the same period last year.
The number of active listings increased by 9.39%, while new listings saw a 10.48% rise. Home sales also surged, with units sold up by almost 13% year-over-year. The increase in new pending transactions by 6.84% further supports the growing demand driven by new inventory.
"Interest rates have remained higher than many experts expected them at this point in the year," said SMAR President Tracy Vasquez. "While various economic factors such as inflation have continued to plague potential homebuyers, we are still seeing demand in our local market. When rates hopefully drop, we expect even more buyers to enter the market, and this current uptick in inventory will hopefully help maintain some balance."
Homes are selling faster, with the average days on the market dropping from 25 to 19 days. Median home prices grew by 3.53%, and the average sold price increased by 6.75%.
The average sold price to original list price ratio, a key demand indicator, rose by 0.27% to 99.7%, indicating that sellers are receiving nearly full asking prices.
"The market remains nuanced, and there is still a strong demand for the inventory out there," Vasquez added. "While we will be watching closely over the next few months to see where interest rates go and how that will impact buyers in our market, the rising levels of inventory we have seen the past few months to a healthier level is reassuring for the long run."
County Breakdown
Calvert County
- Units Sold: 126 (+26.00%)
- Total Sales Volume: $65.9 Million (+40.40%)
- Average Days on the Market: 16 (down 15 days from May 2023)
- Median Sold Price: $465,000 (+10.36%)
Charles County
- Units Sold: 210 (-0.47%)
- Total Sales Volume: $97.1 Million (-0.81%)
- Average Days on the Market: 22 (down 1 day from May 2023)
- Median Sold Price: $447,000 (+0.45%)
St. Mary's County
- Units Sold: 129 (+26.47%)
- Total Sales Volume: $57.7 Million (+41.66%)
- Average Days on the Market: 17 (down 5 days from May 2023)
- Median Sold Price: $420,000 (+5.00%)
Additional details and monthly updates on the Southern Maryland housing market are available at SMAR's Housing Statistics page. A video breakdown of the local statistics can be found on the SMAR YouTube page.
The data for this report was compiled in cooperation with Bright MLS, a leading housing market data source and real estate listing service for Realtors® throughout the region.
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