In August 2022, Howard County home sales continued to be strong despite more price increases and a cooling market, according to the Howard County Association of REALTORS.
Low inventory has led to continued price growth in the Baltimore region, however, prices were up the fastest in Howard, where the median price was $542,000, representing an increase of 0.6 percent compared to the previous month and an increase of 12.5 percent compared to the same time last year. It was the only county in the metro to see double-digit gains year-over-year.
Active listings in Howard during the month of August 2022 were down 1.4 percent (350) compared to the previous year (355). New residential listings (459) saw a 19.2 percent decrease compared to the previous year (568) and an 8.4 percent decrease compared to the previous month (501).
Closed sales (437) saw a 22 percent decrease compared to the previous year (560) and a 16.8 percent increase compared to the previous month (374). The average days on market for units sold was 13 days, which is an 18.2 percent increase from the same time last year (11) and 40 percent below the five-year August average of 22 days.
“Although the housing demand remains high in Howard County, we are seeing the market shift a bit as sellers become more hesitant to list their properties,” said HCAR President Sarah Anderson. “Months ago, bidding wars dominated the market and sellers could get a signed contract in a few days or less, but now we are seeing some sellers hold out on listing their properties amidst changing economic conditions and reduced buyer traffic.”
In August 2022, there was less than one month of supply (0.87) in Howard County. Despite the slower market conditions, it is still currently a seller’s market.
HCAR’s monthly local housing statistics are pulled from the Bright Multiple Listing Service. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.