August residential home prices rose for a seventh month compared to the same period of 2017, according to Maryland REALTORSÒ. Average home prices rose by 5.3 percent, while median prices also rose in August by 4.2 percent as compared to the same time in 2017.
“Average residential home sale prices have risen for the seventh month in a row,” said Maryland REALTORSÒ President Boyd Campbell. “We also saw an increase in median price compared to 2017, while active inventory continues to trend down, off by 9 percent compared to the same time last year,” added Campbell. “The 2.8 months of available inventory is impacting everyone’s ability to buy or sell. We expect to see another increase in interest rates at least once, if not twice before the years’ end.”
With interest rates still at historically low levels, now is the best time to buy or sale.
To download the Housing Stats as a pdf, click here.
For the full county data, click here.