Most reporting on Maryland housing markets focuses on costs and gross sales within the Washington metro area, statewide information reveals a large unfold in dwelling costs.
Most reporting on the native housing markets focuses on costs and gross sales within the Washington metro area, such because the Maryland suburbs, however zooming out and statewide information for Maryland reveals a large unfold in dwelling costs.
Maryland Realtors’ monthly report on statewide residential real estate transactions breaks out gross sales and costs by county.
Allegany County — together with Cumberland, Maryland — had the bottom common value in April, at $127,511. That can be 8.5% decrease than the common promoting value a 12 months in the past.
There are at the moment 117 houses on the market in Allegany County.
Based mostly on common promoting value, Montgomery County shouldn’t be the most costly in Maryland. In April, the common in Talbot County, on Maryland’s Jap Shore, was $941,004. There are at the moment 90 houses on the market in Talbot County, which incorporates Easton.
Common value versus median value can be relative to month-to-month gross sales. The median value in Talbot County was $410,000, indicating a handful of very costly gross sales that skewed common value. (See the chart beneath for comparisons.)
Statewide, the common value of a house that bought in Maryland in April was $464,620, up 8.1% from a 12 months earlier. The median value was $390,000, up 8.3%.
The general variety of gross sales that closed in April — 7,933 gross sales — was down 13.9% from a 12 months earlier. Lively stock on the finish of the month — the variety of houses on the market — was 7,033. That’s down from greater than 10,000 in April 2021.
“Whereas the shortage of stock, decrease gross sales and better costs have formed this market, the subsequent factor to look out for is rising rates of interest,” mentioned Craig Wolf, president of Maryland Realtors.
Beneath is a complete breakdown of residential gross sales exercise by county in Maryland, courtesy of Maryland Realtors.
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