Residential home prices remained stable in February compared to the same period in 2018, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 2.9 percent while median prices rose by 3.3 percent as compared to the same time in 2018.
“The average residential home and median sale prices both remained stable in February”, said Maryland REALTORS® President Merry Tobin.
“The months of available inventory also increased to 4.2 months in February,” continued Tobin. A 6 month to 6.5 month supply is considered to be a balanced market.
While average and median prices increased, February saw a decrease in units sold by 7 percent.
The February statewide median sales price was $314,105 compared to $305,318 in 2018. This represents an increase of 2.9 percent.
Pending units decreased to 7,134 from 7,199 compared to the same time in 2018.
The Average Sale Price compared to Original List Price for February decreased slightly from 95.4 percent in to 95.3 percent in 2019.
Click here to view the statistics.