ANNAPOLIS — Average and median sale prices for homes in Maryland climbed in 2018, while only one county reported more units sold than in 2017, according to a news release from the Maryland Realtors.
Twenty-one of the state’s 24 jurisdictions posted gains in average sale prices ranging from 0.6 to 12 percent in 2018, as compared to 2017. Maryland’s average sale price in 2018 was $336,866 compared to $325,559 in 2017.
Median prices statewide rose for a second straight year; the 2018 median price increased by 4.0 percent to $293,930.
Only Somerset County reported an increase in units sold for 2018. All other jurisdictions registered a decline in units sold when compared to 2017.
“Overall, the 2018 residential average and median sale prices remained stable for a second year,” Merry Tobin, president of Maryland Realtors, said. “The average and median sales price increases were driven by the brisk buyer competition in the ongoing low inventory marketplace. The decline in units sold indicates the market is continuing to slow due to lack of inventory.”
Talbot County was the only Mid-Shore county — and only one of three jurisdictions statewide — in which average and median sales prices dropped from 2017 to 2018.
Average sales prices dropped 2.6 percent, from $460,588 in 2017 to $448,593 in 2018. Despite that drop, Talbot had the second highest average sales price in the state, behind Montgomery County at $535,846 and just ahead of Howard County’s $444,776.
Anne Arundel ($400,107) and Queen Anne’s ($389,875) counties round out the top five in average sales price.
Median sales prices in Talbot County dipped 2.8 percent, from $312,508 to $303,771, from 2017 to 2018.
The number of homes sold in Talbot dropped 11.6 percent last year; there were 839 units sold in 2017 and 742 in 2018.
In Queen Anne’s County, units sold dropped 9.7 percent, from 938 in 2017 to 847 last year; the average price rose 5.3 percent and median price rose 5.6 percent.
Caroline County had the highest jump in average sales price on the Mid-Shore, up 9.1 percent, from $178,606 last year to $194,819 in 2018.
Despite that increase, Caroline had the fifth lowest average sales price in 2018. Caroline’s average sales price was nearly double Allegany County, which had the lowest average price in 2018 at $105,707.
Two other Eastern Shore counties — Somerset and Wicomico — were second and third lowest at $139,983 and $157,531, respectively; Baltimore City was just below Caroline County with an average sales price of $173,413.
Kent County had the second highest increase in average sales price among Mid-Shore counties, up 5.8 percent to $299,504 in 2018. Median sales price in Kent County increased 4.3 percent to $223,917; the number of units sold dropped 6.4 percent, from 346 to 324.
In Dorchester County, units sold dropped 4.6 percent, from 433 in 2017 to 413 in 2018; average sales price increased 2.4 percent to $200,535; and median sales price jumped 10.5 percent to $169,719.
Garrett County had the biggest decline in average sales price, dropping 7 percent from $355,312 in 2017 to $330,468. The average sales price in Baltimore City dipped 0.3 percent.
Allegany and Washington counties had the largest increases in average sales price statewide; prices in Allegany jumped 12 percent, while Washington was up 11.2 percent between 2017 and 2018.
Maryland monthly housing statistics are compiled by data as reported by MRIS/Bright MLS. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.
Maryland Realtors publishes the Maryland Housing Statistics Monthly; the information is available through the association’s website at www.mdrealtor.org.