Maryland REALTORS® just released real estate statistics information from the October 2021 housing market analysis. The market continued its monthly trend of a decrease in units sold, down 8,665 in 2021, a 10.4% drop from 2020’s figure of 9,676. Locally, in Worcester County, the decrease is more dramatic at a 23% drop to 269 units sold in October 2021 as compared to 388 in October 2020.
In spite of this dip, statewide, the average sales price rose 7% to reach $431,461 as compared to 2020’s number of $403,226. The statewide median sales price of $369,700 represented a 7.2% increase from last year’s figure of $345,000. In Worcester County the average sales price rose 20.8% to reach $410,546 as compared to 2020’s October number of $339,909. The local Worcester County median sales price also rose dramatically by 19.2% to reach $354,000, as compared to 2020 figure of $297,000.
Statewide, the median days on market—the number of days a house is listed before it is sold—has grown by a day over the last three months to 9 days today, versus 8 last year. However, for Worcester County, October figures show the average days on market in 2021 is 8, down from the higher 12 days on market average in October 2020.
The number of new listings in October 2021 was 9,944, whereas the same time last year the figure was 11,451—representing a 13.2% drop in listing inventory. In Worcester County, the number of new listings is down to just 282 in October versus 388 new listings in October of 2020.
The National Association of REALTORS® (NAR) Chief Economist Lawrence Yun commented at the NAR Annual Conference in San Diego this past week that, "The housing sector's success will continue, but I don't expect next year's performance to exceed this year's. With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace."
Lauren Bunting is an Associate Broker with Atlantic Shores Sotheby’s International Realty Inc. in Ocean City, Maryland.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
