ANNAPOLIS — The start of the final quarter of 2019 reveals a steady real estate market throughout the state, according to housing statistics released by Maryland Realtors.
Average home prices rose by 5.9%, while the median price increased by 7.1% compared to the same time in 2018, Maryland Realtors said in a news release.
“The average sales price increased from $346,242 to $326,945, and the median price increased from $280,000 to $300,000 in October compared to the same time last year,” Maryland Realtors President John A. Harrison said. “Units sold saw a slight decrease from 7,138 units in 2018 to 6,947 units this year. These numbers indicate a robust market that continues to be subdued by low inventory levels.
“The median home price in Maryland has surpassed the record high of $289,900 set in June of 2007,” Harrison said. “The gradual increases over the past decade, coupled with a favorable mortgage lending environment, is encouraging, but we need to remain focused on affordability.
“The National Association of Realtors recently reported that we should expect to see over 8.3 million first-time buyers enter the market between now and 2022. Our Realtor members are working hard to make sure these future buyers are educated about the abundance of available closing cost and down payment assistance programs,” he said.
Locally, the average sales price increased by 12.8% in Talbot County, 9.5% in Dorchester County and 23.2% in Kent County, while Caroline and Queen Anne’s counties saw decreases of 8.2% and 1.8%, respectively. Median sales prices increased 13.3% in Caroline, 6.6% in Dorchester and 9.6% in Queen Anne’s while dropping 1.7% in Talbot and 5.2% in Kent.
The number of units sold dropped in four of the five Mid-Shore counties — by 5.3% in Talbot, 2.3% in Dorchester, 30.6% in Kent and 2.4% in Queen Anne’s. In Caroline, the number of units sold in October 2019 was the same as in October 2018.
For more information, visit www.mdrealtor.org.