If you know you’d like to buy a home in the future, you’ve probably thought about saving money for all of the upfront costs that buying a home can bring. Saving the sizable amount of
How's The Southern Maryland Housing Market? (July 2022)
Dated: August 1 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!
There has been a recent heat wave in Southern Maryland, but when it comes to the local housing market, we are starting to see a relatively cool summer. Between last week’s changes to the interest rates, high inflation rates, and national economic uncertainty, we are seeing the market shift- bringing a mild and competitive housing market to the Southern Maryland region.
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!
Compared to last month, homes in the region on average are selling for about $13,000 more, and are taking a day longer on the market to sell. However, when we look at the market conditions from this time last year, this seems to be expected for the area during this point in summer, as there is no change in the average days on market for the July of 2021 and July of 2022 data. The trends appear to be steady in these areas, as Southern Maryland homes still are selling at a relatively fast pace, and for increasingly higher prices.
What this means is that we are still seeing rising home prices in all three counties. Although the home inventory is improving, it still remains relatively low, fueling further buying competition and high prices. While this is good news for homeowners and sellers, it also means potential buyers need to prepare to pay more for a home.
With that being said, we are seeing a shift in the local market. When it comes to the number of units sold in our area, the number has decreased by 24.51% since this time last year, leading to a similar decrease in the total sold dollar volume at 13.88%. However, the current high home prices have prevented that number from dropping even further. Although home prices are rising, we have seen that the average sold price to list price ratio has dropped 1.57% since last year. What this shows is that the market is shifting, and that buyers are beginning to benefit from the changes.
The Calvert County housing market has seen a pretty big (but expected) shift when it comes to home prices, but it is still keeping steady with how fast they are selling. Compared to this time last year, homes are still selling in good time, on average just 11 days. However, when it comes to home prices, homes in Calvert County are sold, on average, for a price of $467, 500, a 14% increase in home prices from this time last year! This is both the highest price increase and highest average home sold price that we have seen in the three counties. Although, with the high number (and demand) for waterfront listings, this may not come as much of a surprise.
This means that if you are looking to buy real estate in Calvert County, you might be facing some more competition and some higher prices than some other places in Southern Maryland. But it might be worth it for those waterfront views! On the other hand, if you are a homeowner in Calvert County, now is the best time to sell with the high demand and high prices!
Similar to the Calvert County housing market, Charles County homes are on the market for an average of 11 days and are increasing in price from last year. Compared to last year, the homes in Charles County are selling in the same amount of time but they are selling for a higher price. On average, homes are being sold for $425,000, a 10.25% increase from last year, making it a good time to sell a home in Charles County. For those looking to buy homes for sale in Charles County, start looking now before the interest rates and home prices continue to go up.
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.
St. Mary’s County
St. Mary’s County is a little different than the other two counties when it comes to both prices and days on market. Although homes in St. Mary’s county stay on the market a day more than the other counties, it's actually a day less than the average for July of last year. Currently, homes there are on the market for 12 days, meaning there is a high demand in this area. St. Mary’s home prices are also continuing to rise, currently the average home is sold for around $400,000- a 12.68% increase from last year- a great sign for St. Mary’s sellers! So even though homes are being sold on average for lower prices in St. Mary’s county, they are still increasing in price. If you are looking to buy in this area, keep in mind that homes are selling faster and for higher prices.
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.
Overall, homes in Southern Maryland are still selling at a quick rate (the same as last year) and for higher prices (remember the 11.8% increase). Low home inventory and a more selective buyer market due to current economic changes are creating a more competitive market for buyers, but we are seeing signs of a bigger shift coming.
Although we are starting to see a slowing market, our area will still see a high number of real estate transactions. As Southern Maryland Association of Realtors (SMAR) President (2021-2022) Gregg Kantak says,“While the market may have cooled, our region remains highly transient”.
With the end of summer comes the beginning of a new school year, and many families will want to move and settle into their new school districts before they begin. Military relocations will also bring a number of individuals and families to the region looking through the currently limited Southern Maryland home inventory.
Potential Buyers- Unfortunately, despite the market signaling a shift, high home prices and low home inventory are still to be expected for a while. However, there seems to be a shift as the market begins to cool, providing more options and room for some negotiation in the home buying process. Keep in mind that this shift is coming but so are increases in home prices and the interest rates are expected to keep rising. Talk with an O’Brien Agent today to discuss your best options.
Homeowners/Sellers- Homes are currently selling for 101% of their listing prices, and are selling at the same rate they were last year due to low inventory. With high prices and a quick sell rate, sellers are benefitting from the current market, so now is the best time to sell. However, keep in mind that the market is starting to cool down, and is starting to shift. So if you are considering selling your home, start the process today by seeing what it is worth in the current market.
There might be some changes coming 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 information on the Southern Maryland housing market visit: https://www.southernmarylandrealtors.org/pages/housing-statistics/
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