Maryland home prices at the end of last year exceeded the cost of a home at the end of 2017, while supply remained below what’s considered a balanced market, according to Maryland Realtors.
The organization reported, based on MRIS/Bright MLS data, the average home price in November increased 2.2 percent and December went up 2.8 percent, year-over-year. Median home prices rose over the same time period by .7 percent in November and 4.4 percent in December.
“The months of available inventory fluctuated from 4.1 in November to 3.8 in December,” Maryland Realtors President Merry Tobin said in a statement, adding the a balanced market provides between 6 and 6.5 months of supply.
The number of homes sold in Maryland, however, decreased in the final two months of last year. The number of homes sold in November were down 15.3 percent from 2017, and 21.3 percent in December.
Median home prices in Maryland reached $338,336 in November and $330,196 in December. Both figures represent more than 2 percent increases from the year before.
The average sale price compared to original listing price slipped from nearly 97 percent in 2017 to 95.8 percent in November, but remained essentially flat in December, bumping up from 95.3 percent in 2017 to 95.4 percent last year.