Maryland REALTORS® issued a housing statistics report showing that Maryland home sales dropped 41.9% to 5,124 units in December 2022, against 2021’s figure of 8,818 units. Home sales prices rose incrementally, with the average sales price rising 0.2% to $433,018 and the median sales price rising similarly, 0.3% to $370,250.
In addition to unit sales and prices, all other indicators point to a year-end market slowdown. Pending sales—houses under contract—fell 27% to 4,218. Active Inventory—homes available for sale—slipped 9.7% to 8,172. Median Days on Market expanded to 16 days.
“This market hasn’t been easy for the consumer, and affordability issues aren’t helped when the 30-year fixed rate is more than double what it was last December,” said Yolanda Muckle, 2023 President, Maryland REALTORS®. “As an association, we are working hard to increase housing opportunity and we will be discussing a variety of solutions, such as Accessory Dwelling Units, with Maryland lawmakers in Annapolis.”
Their report detailed 2022 year-end housing statistics. Highlights in the report showed that in 2022, Maryland’s home sales fell 21.2% to 84,658 units, versus 2021’s figure of 107,407, while the average sales price rose 6.3% to 453,759 and the median sales price rose 6.5% to $385,000. For most of this year, Marylanders witnessed home sales falling as sales prices climbed less and less.
Other signs that point to a slowdown in 2022 include a drop in Units Pending—houses under contract—to 82,199, a 22.3% decline from 2021’s figure of 105,728. The number of New Listings fell 16.7% to 101,860.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.