As prices rise throughout the region, they are increasing at a slower rate, especially in Howard County, where prices increased the least according to the Howard County Association of REALTORS.
All local markets in metro Baltimore are experiencing a decline in home sales, with Howard experiencing the greatest decline year-over-year.
Active listings in Howard County during the month of July 2022, were up 11.7 percent (363) compared to the previous year (325). New residential listings (501) saw a 25.2 percent decrease compared to the previous year (670) and an 18 percent decrease compared to the previous month (611). The median sales price was $538,920, representing a decrease of 7.1 percent compared to the previous month and an increase of 3.6 percent compared to the same time last year.
Closed sales (374) saw a 30.4 percent decrease compared to the previous year (537) and a 24 percent decrease compared to the previous month (492). The average days on market for units sold was 10 days, which is an 11.1 percent increase from the same time last year (9) and 49 percent below the five-year June average of 19 days.
“Median prices are up over last year, but the days on market are also growing as we see a slight increase in supply,” said HCAR President Sarah Anderson. “Hopefully, this slower pace will allow buyers some breathing room, but market conditions still favor sellers.”