HUGHESVILLE, Md. – As the housing market in Southern Maryland continues to rebound from a less active year, several key statistics stand out.
According to the most recent data from the Southern Maryland Association of REALTORS®, several positive trends have appeared over the past month in the local market.
Home values and market activity are up year-over-year. Roughly 290 units sold over the past month, which is a 3.2% increase from this time last year. Additionally, pending home sales rose 3.62% from 2023, demonstrating more buyers in the market are making the jump.
Homeowners have also continued to see increased home values in the current market, with the average and median sold price up 3.03% and 9.86%, respectively.
“It is important that when we look at the data and compare it to 2023, that we consider what the market really looked like compared to several years prior,” SMAR 2023-2024 President Tracy Vasquez said. “If we look back to what the market was doing in 2022, 2021, or even before 2020, we can clearly see that the housing market is still playing catch up. While these are good signs of improvement, we still have a long way toward a healthy market.”
Transaction amounts and dollar volume sold may be up from this time in 2023, but it is still only at around 68% of what happened in 2022.
There are several other pain points still prevalent in the market. Active and new listings saw large decreases compared to this time last year, down 16.77% and 23.05%, respectively.
Additionally, the average days it took for a home to sell over the past month was 32 days, which was nine days less than it did at the same time last year.
Meanwhile, sellers in our market have been less likely to grant concessions than they were at this time last year. The average sold price to original list price ratio grew by nearly 2%, up to 98.5%, meaning that sellers received an average of 98.5% of what they listed their house for.
“The good news is that there are several bright spots in what the market has been doing over the past month,” Vasquez said. “Now, we remain hopeful that it will continue to improve throughout the year.”
Housing market statistics from each county in the Southern Maryland region can be found below:
Calvert County
Units Sold: 64 (-8.57%)
Total Sales Volume: $ 27.6 Million (-12.27%)
Average Days On The Market: 34 (-4 Days from January 2023)
Median Sold Price: $404,500 (+3.06%)
Charles County
Units Sold: 151 (+11.85%)
Total Sales Volume: $ 65.9 Million (+15.81 %)
Average Days On The Market: 31 (-8 Days from January 2023)
Median Sold Price: $425,000 (+9.01%)
St. Mary’s County
Units Sold: 75 (-1.32%)
Total Sales Volume: $ 29.4 Million (+7.41%)
Average Days On The Market: 33 (-13 Days from January 2023)
Median Sold Price: $390,000 (+13.87%)
Visit https://www.southernmarylandrealtors.org/pages/housing-statistics/ every month for additional details about the housing market in Southern Maryland. A video breakdown of the local statistics for the month can be found on the SMAR YouTube page at: https://www.youtube.com/watch?v=uXHu6hwvPo0
Statistics for this article were compiled with cooperation from Bright MLS, a leading housing market data source and a real estate listing service for Realtors® throughout the region.
