A new report from the Maryland Association of Realtors shows that housing prices have gone up in the state from April of last year, but the total number of units sold have gone down, leading local real estate agents to handicap what the future holds and potential buyers to consider whether they really want that new home.
In April 2022, over 8,000 units were sold statewide. A year later, that number dropped nearly 34% to under 5,500 homes. Only two of the state’s 24 jurisdictions recorded year-over-year growth in home sales: Dorchester and Queen Anne’s counties both on the Eastern Shore.
Additionally, the average of price of a home has also increased from April of last year. The 2022 price of $464,078 rose 1.7% to $467,986 this year. The median home price increased about twice that difference during the same period, from $390,000 in April 2022 to $396,500 in 2023.
“With this persistent pattern of the Federal Reserve raising interest rates, there’s a lot of reluctance right now to move,” said Suzanne McCoskey, an associate professor of economics at Frostburg State University.
Click here to read the rest of the article written by Dwight A. Weingarten over at Herald Mail Media
