The start of the final quarter of 2019 reveals a steady real estate market throughout the state, according to housing statistics released by Maryland REALTORS®. Average home prices rose by 5.9 percent while the median price increased by 7.1 percent compared to the same time in 2018.
"The average sales price increased from $326,945 to $346,242 and the median price increased from $280,000 to $300,000 in October compared to the same time last year," said Maryland REALTORS® President John A. Harrison. "Units sold saw a slight decrease from 7,138 units in 2018 to 6,947 units this year. These numbers indicate a robust market that continues to be subdued by low inventory levels."
"The median home price in Maryland has surpassed the record high of $289,900 set in June of 2007," continued Harrison. "The gradual increases over the past decade, coupled with a favorable mortgage lending environment, is encouraging but we need to remain focused on affordability. The National Association of REALTORS® recently reported that we should expect to see over 8.3 million first-time buyers enter the market between now and 2022. Our REALTOR® members are working hard to make sure these future buyers are educated about the abundance of available closing cost and down payment assistance programs."
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