Stability and Growth: Insights into Southern Maryland's Real Estate

By David M. Higgins II, Publisher/Editor on July 31, 2024

Southern Maryland's housing market exhibited stability last month, facing ongoing shifts that affect both buyers and sellers, according to the latest data from the Southern Maryland Association of REALTORS® (SMAR). The area has witnessed modest declines in home prices but an encouraging increase in inventory.

Recent figures reveal that the average and median sold prices dipped by 0.91% and 0.44% respectively. Despite the general downturn, Charles County bucked the trend with slight price increases. Additionally, active inventory and new listings have grown by about 5%, marking a continued improvement in the market's supply for the fourth consecutive month.

SMAR President Tracy Vasquez highlighted the changing dynamics, noting, "With interest rates where they are, and still a relatively limited selection of homes available, buyers are taking their time to find homes they really want." This shift marks a departure from the past where low inventory and interest rates led to a frenzied market.

The slight decline in the average sold price to original list price ratio, although minimal at 0.02%, indicates a slow shift toward buyer advantage during transactions. Furthermore, the average number of days homes stayed on the market remained steady at 21 days, with many homes selling in 10 days or less.

Vasquez added, "A home which is priced appropriately in this market will still sell quickly, and in some cases for over its listed price. The demand from buyers is still strong and will only get stronger if interest rates continue to decline, but for the time being there appears to be some balance."

County-Specific Data:

Calvert County: Homes sold increased by 6.25% with an average of 19 days on the market, and a notable drop in median sold price by 12.17%.
Charles County: Despite a 5.75% decrease in units sold, the median sold price grew by 1.28%, with homes spending an average of 20 days on the market.
St. Mary's County: Units sold and total sales volume fell by 9.49% and 12.74% respectively, although the median sold price increased by 1.89%.

For further details, monthly updates are available on SMAR's website and a detailed video breakdown on their YouTube channel.

This market report is compiled in cooperation with Bright MLS, a principal source of housing market data and a real estate listing service for Realtors® in the region.