Maryland's Residential Housing Market Remains Steady

In 2018, average & median sale prices in Maryland climbed, according to the Maryland REALTORS®.  Twenty-one of the states 24 jurisdictions posted gains in average sale prices ranging from 0.6 to 12 percent in 2018 as compared to 2017. The average sale price in 2018 was $336,866 compared to $325,559 in 2017. While median prices statewide rose by 4.0 percent to $293,930 for a second straight year.

 

Within the state, only Somerset County, reported an increase in units sold for 2018. All other jurisdictions registered a decline in units sold when compared to 2017.  

 

“Overall, the 2018 residential average and median sale prices remained stable for a second year”, said Maryland REALTORS® President Merry Tobin. “The average and median sales price increases were driven by the brisk buyer competition in the ongoing low inventory marketplace. The decline in units sold indicate the market is continuing to slow due to lack of inventory.” added Tobin.

 

Maryland monthly housing statistics are compiled by data as reported by Bright MLS. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract.

Click here to download the full statistics report. 


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