Ground Up

The Daily Record's real estate blog

Maryland home prices increase as sales slow

The median sale price for homes in Maryland’s major metro areas reached their highest September level in the last decade.

Median sale price for a home in the Baltimore region last month hit $270,000, according to data provided by MarketStats by ShowingTime using Bright MLS listing activity. That represents a $17,000 increase from September 2017. Year to date median home prices in the Baltimore area are up nearly 4 percent to $269,900.

Median sale prices for the Washington metro area, which includes Suburban Maryland and Northern Virginia, also climbed to its highest September level in the last 10 years. The median cost of a home jumped by $15,000 year over year to $420,000.

Prices for homes in Prince George’s County surged 5.4 percent from the previous year to $295,000. Home prices in Montgomery County bumped up 2.4 percent from the same month in 2017 to $420,000.

Howard County retained its position atop the median home price rankings in the Baltimore region. The price for a home in that jurisdiction increased nearly 5 percent to $424,950 last month.

Median home prices in Baltimore remained the lowest in the metro area. The price for a house in the city increased by 7.5 to $136,500.

Anne Arundel County had the highest price surge by percentage of Maryland jurisdictions in both metro areas. The county experienced a price increase of nearly 11 percent year over year. The median home price in the county increased to $343,750 last month compared to $310,000 the year before.

The number of sales, however, dropped last month in both the Baltimore and Washington markets compared to the previous September.

The number of closed sales dropped nearly 11 percent year over year in the Baltimore region. Sales also declined roughly 28 percent from August. In the Washington area sales were down 10 percent year over year. Sales in that market were down 28.2 percent from the prior month.

Baltimore had the steepest decline in sales by percentage year over year of all measured Maryland jurisdictions. Sales in the city declined by 15.2 percent, followed closely by Baltimore County at 14.9 percent, and 14.1 percent in Harford County.

Constrained supply continues to be a concern in Maryland’s housing market.  The inventory of homes in September dropped in most jurisdictions included in the report.

Harford County led the way in inventory decline with an 11.8 percent drop. Carroll County followed with an 8.4 percent decrease, and Montgomery County’s inventory dwindled by 7.2 percent.

Only two jurisdictions increased their inventories. The number of homes available in Prince George’s County jumped 9.2 percent, and Baltimore’s inventory nudged up by less than 1 percent.

To purchase a reprint of this article, contact reprints@thedailyrecord.com.

Leave a Reply

Your email address will not be published. Required fields are marked *