Maryland’s September 2021 housing market revealed a slight dip in units sold, with a 4.4 percent drop from September 2020 with 9,069 homes sold versus 9,484 the previous year. Despite this dip, the average price rose 6.1 percent to $428,342 in 2021 from $403,528 last year, while the median sales price rose 8.2 percent 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.”