Maryland Housing Market: 2022 Real Estate Market Appreciation and Housing Market Trends, by Emerick Peace.

MARYLAND HOUSING MARKET: 2022 Real Estate Market Appreciation and Housing Market Trends

By Emerick Peace

The first quarter of the year has seen little change in the Maryland housing market from the previous month. If you’re considering buying or selling a home in Maryland, these Maryland housing forecasts and statistics might assist you in making an informed decision. The average price of a home according to Redfin is $ 380,430, up 8.6 percent from a year ago. Simultaneously, the number of homes sold has fallen by 8.2 percent, while the number of properties for sale has dropped by 21.2 percent to 8,499. The average price of a home is $590 less than the year before. Last week, the daily number of new listings added to the market in Maryland was 63.5 percent higher. Similarly, the number of new pending listings is 77.4 percent more than last year.

Homes in Maryland spend an average of 41 days on the market once they are listed, with a 0.7-month supply of inventory. Maryland is a seller’s market due to more buyer demand than available residences for sale. When there are 4 to 6 months of house inventory in a market, it is said to be balanced. A monthly home inventory of less than four is considered a seller’s market, while an inventory of more than six is considered a buyer’s market. Maryland’s monthly inventory will not rise any time soon thus little chance of a market shift.

Mortgage rates, which are still historically low at 2.92 percent for a 30-year mortgage, are also linked to the increased prices. As a result, buyers are taking advantage of the situation and applying for home loans. The average rent for a studio apartment in Maryland is $1249, down 6 percent from the previous year. The average rent for a one-bedroom apartment stayed unchanged at $1,350, while the average rent for a two-bedroom apartment fell by 2 percent month over month and 5 percent year over year. The average monthly rent for a three-bedroom apartment is $1,600, up 7 percent from the previous year.

Maryland market is now neutral, with most houses selling at or slightly below their value. Expect prices in the Maryland housing market to continue growing, as inventory remains constrained, although the significant monthto-month increase has slowed. Although many expected Covid 19 to destabilize the real estate market and trigger another bubble like the Great Recession, the pandemic has enhanced housing values.