(Nov. 15, 2019) Maryland Realtors issued a news release stating that the real estate market in the state remains stable.
The start of the final quarter of 2019 reveals a steady real estate market throughout the state, according to housing statistics.
Average home prices rose by 5.9 percent while the median price increased by 7.1 percent compared to the same time in 2018.
“The average sales price increased from $346,242 to $326,945 and the median price increased from $280,000 to $300,000 in October compared to the same time last year,” Maryland Realtors President John A. Harrison said. “Units sold saw a slight decrease from 7,138 units in 2018 to 6,947 units this year. These numbers indicate a robust market that continues to be subdued by low inventory levels.”
The median home price in Maryland has surpassed the record high of $289,900 set in June of 2007,” Harrison added.
“The gradual increases over the past decade, coupled with a favorable mortgage lending environment is encouraging, but we need to remain focused on affordability,” he said. “The National Association of Realtors recently reported that we should expect to see over 8.3 million first-time buyers enter the market between now and 2022. Our Realtor members are working hard to make sure these future buyers are educated about the abundance of available closing cost and down payment assistance programs.”
For Worcester County specifically, units sold declined 17.8 percent in October compared to the same time in 2018, with 194 units for 2019 compared to 236 in 2018.
However, the monthly year-over-year comparison for average sales price rose 3.1 percent, increasing from 2018’s $288,746 to this year’s average sales price for October in Worcester County of $297,625.
In comparison, Wicomico County’s average sales price for October was $155,427 in 2018 to $171,923 in 2019, a 10.6 percent increase.
Also promising and showing stability are the pending units figures, which show 213 for October 2018 versus 219 in October 2019.
– Lauren Bunting is an Associate Broker with Bunting Realty, Inc. in Berlin.