September Housing Data Shows Sharp increase in Home Sales, Rising Sales Prices, and an Increasingly Tight Inventory
Maryland’s September housing market demonstrated a dramatic leap in sales of 23.1% from last year. Average sales prices rose to 16.2%. While many counties experienced double-digit sales increases, two counties performed very well: Garrett County’s sales increased 72.3% from the previous year, and Talbot County’s sales leapt to 94.4%. “At the beginning of 2020, the average sale price was $335,910. Now, in September this figure is $402,747,” said Dee Dee Miller, President, Maryland REALTORS®. “We’ve seen significant growth in median prices as well. In January, it was $288,000, and now we’re at $340,000. The increase in number of homes sold, as well as the increase in the sale price of that home, play a significant part in Maryland’s economy.” “We still have concerns with inventory,” added Miller. “We’ve witnessed a 34% decrease in the amount of available inventory since January, and houses continue to move swiftly: median days on market is eight days compared to 24 days a year ago. A glimmer of good news can be found in the number of new listings. In September, new listings rose 3.93% from last year, versus a 1.12% decrease in August.”
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