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How's The Southern Maryland Housing Market? (May 2022)
Dated: May 12 2022
By O'Brien Realty
Find out how the housing market is doing in the Southern Maryland tri-counties of St. Mary’s, Calvert, and Charles.
The Spring housing market reports in Southern Maryland are now starting to reflect the expected trends that we are seeing nationwide. Both inflation and the increase in interest rates are starting to impact buyers in the market, and although we are still seeing an increase in home prices, it is increasing at a slower rate than last year. 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!
First, let’s take a look at the Southern Maryland region as a whole. Compared to last year, there are currently more homes on the market in the area. With the increase we are starting to see in active home inventory, brings a good opportunity for buyers. Sellers on the other hand are still enjoying an increase in sold prices, now up 8.11% from this time last year. Although, we are starting to see this increasing rate start to slow down.
The new interest rate changes and rising inflation are also impacting the housing market in Southern Maryland. Although homes are still selling quickly for higher prices, (Making it a great time to sell), we are starting to see some buyers begin to take a step back as they reevaluate their finances. The interest rates are still historically low, but even a slight increase can cause some buyers to take a step back and reconsider, especially when it is coupled with increases in living expenses due to high inflation. Although these changes may cause some buyers to take a step back, it could be better for others as the “cool-down” will decrease the home demand competition, and help other buyers in their Southern Maryland home searches.
Looking to buy or sell a home in Southern Maryland? Here are the May Market Reports for each county.
St. Mary’s County
Homes in St. Mary’s County are seeing an average price increase of 8.47% from where they were this time last year. They are also spending more time on the market on average than the other counties now spending 23 days on average. 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.
Calvert County’s housing market is certainly in full bloom! Homes in this area are actually selling at a faster rate than this time last year, with a home usually spending an average of just 2 weeks on the market. There has also been a price increase of 17.99% when compared to home prices here last year. If you are considering selling your home in Calvert County, now is certainly the time to do so! To find out what your home is worth in this hot market, just enter your property address below for a FREE and instant home valuation report.
Charles County is also starting to reflect similar trends in the spring housing market. Although the homes here are selling in a little more than a week on average, this is actually an increase from where we saw them last year. But that wasn’t the only increase we saw from last year. The median sold price for the county has now risen 11.41%. 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.
Overall, the spring housing market for Southern Maryland is starting to reflect expected trends. We are seeing the demand begin to slowly go down for most of the area, although the prices are continuing to rise, just at a slower rate. This slight decrease can largely be due to the increase in both interest rates and inflation. Due to these factors, as well as the upcoming summer season, it may become increasingly difficult to predict just where the market will be by the end of the year. Plus, it will certainly be a few months before we will be able to see if the rate changes are effective at cooling down the hot market.
But it is important to remember that it is always a good idea to invest in real estate, and that even though the market is starting to shift, our agents here at O’Brien Realty can assist you with any of your real estate questions and needs!
For more information on the Southern Maryland housing market visit: https://www.southernmarylandrealtors.org/pages/housing-statistics/
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