ANNAPOLIS — The average and median residential home sales prices continued to rise in Maryland’s November 2021 housing market, although at a slower rate than in past months.
At the same time, units sold dropped 3% to 8,441, compared to 8,702 units last year.
Average sales prices rose 8.8% to $429,914, against $395,282 in 2020; median sales prices rose 4.5% to reach $360,000, versus 2020’s figure of $344,460.
Since September 2021, the number of units sold has dropped, while prices have continued to rise, according to a news release from Maryland REALTORS.
The high prices indicate that sellers continue to fare well despite the drop-off in demand, which could be attributed to seasonality.
Spring and early summer are historically the most active months for home buying, though the coronavirus pandemic pushed back the start of the “busy season” last year by a few months, while also extending it.
While rising material costs, labor shortages and supply chain issues continue to impact housing prices, the market remains healthy with the number of pending units up 5.7% from last year to 8,318, according to the news release.
While median days on market have grown to 10, versus seven last year, active inventory contracted by 34.1% to 8,070 units, versus 12,244 in 2020.
Months of inventory dropped as well to 0.9, compared to 1.6 last year.
“This market is still in the shadows of the COVID pandemic,” Craig Wolf, 2022 president of Maryland REALTORS, said in the news release.
“The increase in price happens not only from multiple offers but from real-time challenges in the economy,” he said. “November’s rise in pending units is great news, but with active inventory and months of inventory down, we’d like to see more sellers enter into the market.”