By O’Brien Realty Find out how the housing market is doing in the Southern Maryland tri-counties of Calvert, Charles, and St. Mary’s!September has brought a shift in the Southern
September Brings A Shift In The Southern Maryland Housing Market (Sept. 2022)
Dated: September 27 2022
By O’Brien Realty
Find out how the housing market is doing in the Southern Maryland tri-counties of Calvert, Charles, and St. Mary’s!
September has brought a shift in the Southern Maryland housing market. With the school year home search spike coming to an end and the holidays just around the corner, the local housing market is entering its seasonal slowdown. However, some aspects of the market have remained steady- home prices are continuing to rise, homes are selling quickly, and inventory remains fairly low. Although, the market is showing that a shift in these areas may be underway.
So, how’s the Southern Maryland housing market? We’ll show you a region recap, give you the current numbers for each county, and look ahead!
Overall, the Southern Maryland housing market is beginning to show trends similar to the national market. Home values are still rising, but at a slower rate, and homes are staying on the market a little while longer.
In the Southern Maryland region, homes are still selling quickly, on average in under 10 days. However, this is up 4 days more from the record hot market we had last year. When it comes to home inventory in the region, we are seeing some improvement. More homes are being listed, but the levels are still low. This means that the lack of available homes will continue to raise home values and prices.
Home prices in Southern Maryland still remain high and continue to rise. Yet, as we are seeing nationally, the rate that these prices are rising is slowing down, with the average price increase for the region being about 6.49%, about half of the increase we saw last month Keeping with the trends from last month, the average sold price to original list price ratio has continued to drop and is now below 100%. This means that some homes in the area are now selling for less than they were originally listed for.
These changes mean that it is still a seller’s market, with homes selling quickly and for higher prices. But, there are some shifts underway giving more power and options to buyers, causing smaller price increases and keeping homes on the market for a little longer.
Let’s take a look at each county in SOMD!
The shifts in the Southern Maryland region’s market are certainly reflected in the Calvert County housing market. The market in this region is slowing down for the season, with homes staying on the market for 4 days longer than this time last year. The home prices here have increased, with the average home sold for about $430,000, but the prices are no longer rising as fast. Last month, the average Calvert County home was selling for over 22% more than the same time last year, certainly higher than the 3.6% increase we see this month!
While buyers interested in the competitive Calvert County market might think this is a good time to “wait it out”, the prices are expected to keep rising (just at a lower rate), and with the interest rates also expected to rise, they might end up paying more if they wait. If you are a homeowner interested in listing your property now, your home may sit a few days longer on the market, but you will probably see a high sold price.
Want to see how these market changes are impacting your Calvert County home’s value? Get a FREE and Instant Home Valuation Report here.
The Charles County housing market is reflecting some of the national housing market trends that are consistent with the Southern Maryland region as a whole, but the impact is somewhat less. In terms of the median sold price, the average Charles county home did sell for more money than it would have if the home was sold the same time last year. However, this price increase is lower than before, with only a 2.66% increase from last year’s average sold price. When it comes to the average days on market, Charles County did see an increase of 5 days when compared to last year, but they are selling on average in just over 2 weeks.
This means that potential buyers in Charles County may not have to worry as much about increasing prices if they wait a short amount of time to put an offer in, but homes are still selling fairly quickly, so they may not want to miss out! If you are thinking of selling your Charles County home, you will most likely get a high price and sell it quickly, but with the market shifting, you need to list soon.
Want to see how these market changes are impacting your Charles County home’s value? Get a FREE and Instant Home Valuation Report here.
Two of the most popular towns in Charles County are Waldorf (20603 zip code) and La Plata (20646 zip code). To see a detailed market report for these towns, click here.
Start your Charles County home search here!
St. Mary’s County
Of all the counties in the region, St. Mary’s County differed the most from the national trends. In St. Mary’s County, homes are taking the longest to sell (on average 20 days on market), but it saw the smallest increase in days (+3) added from this time last year. However, the opposite seems to be true when it comes to the average sold price! Homes in St. Mary’s County are selling on average for just under $4000,000, the lowest in all three counties. But, the price increase from this time last year to this month is actually the highest of all three counties by far, making over a 18% sold price increase!
So if you are looking to buy a home in St. Mary’s County, you might have a bit more time and might be able to find something in a lower price range than something in the other two counties. But keep in mind that there is a chance that these trends will continue and you might end up paying a lot more money if you wait. If you own a home in St. Mary’s County, you could get top dollar for your home, although it might be on the market for a little longer.
Want to see how these market changes are impacting your St. Mary’s County home’s value? Get a FREE and Instant Home Valuation Report here.
Two of the most popular towns in St. Mary’s County are Leonardtown (20650 zip code) and Lexington Park (20653 zip code). To see a detailed market report for these towns, click here.
As we enter the fall and winter months with holidays just around the corner, the market will enter its typical seasonal slowdown. What this means is that homes will most likely stay on the market for a few more days as buyer interest slows down. But, both interest rates and home prices are expected to continue rising as home inventory in the region remains low. So while some aspects like high home prices and low inventory are expected to remain in the coming months, the market is certainly signaling a larger shift to come.
Potential Buyers- These changes in the Southern Maryland housing market are giving some buying power back to potential buyers. Homes are on the market longer, prices are no longer rising as fast, and there is more inventory (and options) for homes. However, both home prices and interest rates are expected to continue rising, meaning you can still expect higher prices, the longer you wait. There are also other benefits to buying now. As SMAR 2021-2022 President Gregg Kantak notes, “anyone considering purchasing a home should take advantage of the final quarter of the year to realize tax benefits in their next filing.” Despite the challenges, there are many financing options available and a slowing market may bring with it more buying opportunities, so talk with an O’Brien Agent today to discuss your best options.
Homeowners/Sellers-Despite the Southern Maryland housing market showing signs of a shift, it is still a seller’s market. High prices and low inventory are persisting, but with the expected seasonal slowdown and interest rates rising, homes are staying on the market a few days longer. Plus, home prices are increasing at a much lower rate than what we were seeing in the past few years. Homes are still selling in our region quickly (on average 10 days) and for top dollar, so even if you are just considering selling your home, it is best to talk to your O’Brien agent now to discuss your options. They will walk you through the listing process, the pricing, and what is best for you and your home. With more changes to the market expected, now might be your best time to sell. To see how the local market changes are impacting your home’s value, generate a FREE and Instant Home Valuation Report here.
There might be some changes in the market, but whether you are a homeowner, buyer, seller or even renter, your O’Brien agent is an expert on the local market and its changes. They will answer your real estate questions and help you determine what is best for you. Give them a call today!
For more detailed market reports by area, city, county, neighborhood, or zip code, click here.
For more information on the Southern Maryland housing market visit: https://www.southernmarylandrealtors.org/pages/housing-statistics/
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