Maryland’s Housing Market Continues Robust Sales Pace

Months of Inventory Grows Slightly

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Maryland’s June 2021 housing market continued its robust growth with home sales reaching 10,790, an increase of 24.2% over the previous year’s sales of 8,686. The average sales price rose 17.4% to $443,764 over last year’s figure of $376,990. The median sales price of $375,000 grew 13.6% from $330,000 in June 2020.

While median days on market continues to hover at six days compared to June 2020’s figure of 14 days, months of inventory continues to grow — ever so slightly — to one month, which signals slight growth since April 2021, when it was as 0.8. In June 2020, months of inventory was at 2.2. Feeding this increase in has been an increase in the number of new listings, 12,668 (In June 2020, it stood at 10,284), which has been growing since March 2021.

“Though we’re not out of the woods yet with the lack of inventory, we’re seeing signals that indicate it may be easing up,” said Dee Dee Miller, 2021 president of Maryland Realtors. “The number of new listings has been growing and so too has active inventory, which has been increasing month to month since April 2021. At least part of the explanation for this is some frustrated buyers leaving the market because of increased competition or being priced out.”

Active inventory for June 2021 is at 8,550; in June 2020, it stood at 15,558.

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