Maryland Realtors Release November 2022 Housing Report
BALTIMORE COUNTY - Maryland Realtors has released its housing report for November 2022. The numbers are surprising and signal a lack of available housing in Baltimore County.
Here are three big takeaways from the report.
Home sales and active inventory are down.
Maryland home sales fell to 5,201 units in November, a 40.5% decrease from 2021’s figure of 8,748. In addition to home sales, pending sales (houses under contract) dropped 35.3% in November.
In Baltimore County, 666 homes were sold in November 2022, compared to over 1,000 in November 2021, a nearly 40% decrease. Despite the drastic decline in the number of homes being sold, Baltimore County saw one of the most minor decreases in active inventory, going from 1,153 in 2021 to 1,003 in 2022.
Home prices have risen significantly.
The average sale price of a home in Maryland has risen 3.1% to $444,246 compared to November 2021. The median sale price saw an even greater increase of 4.2% to $375,000. In Baltimore County, housing prices are up nearly 5%, going from $348,824 to $365,858.
Homes are staying on the market for longer.
Last year, homes were on the market for an average of 9 days; this year, days on the market have expanded to 13. Houses aren’t moving as quickly due to high interest rates and price increases. Baltimore County homes’ median days on the market are slightly below the state average at 11.
Yolanda Muckle, 2023 President of Maryland Realtors, says many of the markers of a strong housing market have been falling month over month.
“Many of the markers we watch, like units sold and units pending, have been falling gradually month after month. With inflation and the aggressive action to stem it on the part of the Fed, consumers are wary,” Muckle said.
Muckle also advocated for the expansion of Accessory Dwelling Units (ADUs) across the state. Accessor Dwelling Units (ADUs) are small, independent housing units located on the same lot as a primary residence.
“Consumers need options in this market, such as statewide access to Accessory Dwelling Units, which has the potential to add 20,000-40,000 or more housing units to Maryland—but we need statewide action to make that happen.”