As 2019 draws to a close, statewide sales and price trends remain steady, according to housing statistics released by Maryland REALTORS®*. Average home prices rose by 4.5 percent while the median price increased by 5.2 percent compared to the same time in 2018.
“The average sales price increased from $338,687 to $353,935 and the median price increased from $286,000 to $301,000 in November compared to the same time last year,” said Maryland REALTORS® President John A. Harrison. “Units sold saw a slight decrease from 6,624 units in 2018 to 6,217 in 2019. Months of inventory dropped to 2.6 months, which is the lowest we’ve seen all year – a full two months less than January. The usual year-end slowdown coupled with low inventory levels make it a challenging time for buyers.”
“While affordability, particularly for first-time and middle-income buyers remains a concern, the overall outlook for 2020 is encouraging.” continued Harrison. “The National Association of REALTORS® convened 14 leading housing and financial industry economists yesterday at its first-ever Real Estate Forecast Summit, all of whom agreed that we should see economic expansion and slowly rising real estate prices. With recession unlikely and continued low interest rates, favorable housing market conditions in Maryland will continue into the new year.”
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