September numbers are in, and the Maryland housing market continues to be red-hot. Housing inventory remains incredibly low, while buyers continue to snatch up properties quickly.
State-wide: The number of properties on the market has dropped 40% compared with last September. Meanwhile, those properties are going like hot cakes – with the numbers of closings increasing by 23%.What does that mean? This is a stark demonstration of the economic principles of supply and demand. The numbers tell us that supply is very low, and demand is very high. As a result, properties are selling quickly, and for a premium price. The average price has gone up 16% state-wide, and the median Days on Market has dropped to only 8 days!
Baltimore City Spotlight: Some of the numbers are even more striking as you dive into specific localities. Compared with last September, active inventory in the city is down by nearly 52%. With that reduced supply, we still saw a 20.7% increase in units sold, coinciding with an average sales price increase of 26.2%It remains a remarkable time to put your house on the market. Meanwhile, buyers will need to be aggressive once they identify the perfect house.