Maryland Housing Statistics for September 2021

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Market Trends

 

 

Maryland’s September 2021 Housing Market Witnesses Slight Dip in Sales as Pending Units and New Listings Rise

 

Maryland’s September 2021 housing market witnessed a slight dip in units sold, down 4.4% from September 2020 with 9,069 homes sold versus 9,484 the previous year. Despite this dip, the average price rose 6.1% to $428,342 in 2021 from $403,528 last year, while the median sales price rose 8.2% to $370,000, from $341,995 in 2020.
 
Also, units pending (under contract), were on the rise in September 2021, up to 9,459 in 2021 versus 9,306 in 2020, as were new listings, totaling 10,911 this year, up from 10,758 in 2020.
 
“While months of inventory is not where it was last year—1.2 today versus 1.8 last year—it’s still an improvement compared to last month, August 2021, when it stood at 1.1,” said Craig Wolf, 2022 President, Maryland REALTORS®. “Prices remain healthy, and inventory is slowly creeping back into the pipeline.”
 
One concern facing the housing market is the threat of inflation. Although the majority of experts believe inflation will level off, according to Bankrate, more than a third of the nation’s economists expect inflation to be more significant than previously thought. 
 
“Housing prices tend to rise with inflation if demand increases as investors turn to real estate as a safe investment,” said Wolf. “The concern we always have as an association of more than 30,000 REALTORS® is how this might affect first-time home buyers as they shop for their first home. Housing affordability remains an issue in this market. On the other hand, if inflation sticks around, it could cool the market as rising rates price some buyers out of the market.”

Source:  Maryland REALTORS®

 

What the Terminology for the Maryland REALTORS® Monthly Statistics Means ...

The monthly housing statistics are presented as reported by Bright MLS:

“Units” category represents sales settled in that month

“Pending Units” category includes units currently under contract, which will settle in the future

“Active Inventory” includes units that remain on the market

Average sales is the weighted average of sales prices in the county, calculated by weighting the price of homes by the number of homes sold.

Weighted average Maryland price is the average price, weighted for all 24 Maryland jurisdictions by the number of homes sold.

Median price is the middle value of the prices of all homes sold in the period—the price at which half the sold homes are above and half are below in selling price. The median price for home sales in each Maryland jurisdiction is estimated, because Bright does not provide this level of detail.

Median price for the whole state is calculated by using the simple unweighted averages to calculate a state weighted average for all 24 Maryland jurisdictions and establishing a median value through appropriate weighting techniques.