Median sale prices of homes increased in many parts of the Baltimore region real estate market last month, according to The Long & Foster Market Minute reports. The Baltimore real estate market includes Baltimore, Anne Arundel, Carroll, Howard and Harford counties and the city of Baltimore. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices increased in numerous parts of the Baltimore region last month. In both Carroll and Baltimore counties, the median sale price rose by 7 percent. Three areas – Baltimore City and Howard and Anne Arundel counties – experienced 3 percent increases in median sale price. Harford County experienced a 4 percent decrease in median sale price.
The number of homes sold varied in the Baltimore region in July when compared to the same month in 2016. Howard County experienced a 6 percent increase in the number of homes sold, and both Baltimore County and Baltimore City experienced increases of 2 percent. In Harford County, the number of homes sold fell by 4 percent, followed by Anne Arundel County with a 5 percent decrease. In Carroll County, the number of homes sold declined by 13 percent.
Active inventory fell throughout the Baltimore region in July compared to the same month last year. Carroll County experienced a decline of 28 percent, and Harford County experienced a decline of 24 percent. In Baltimore County, active inventory decreased by 20 percent, and in Howard County it fell by 19 percent. In Anne Arundel County and Baltimore City, active inventory fell by 18 percent and 17 percent, respectively.
Homes in the Baltimore region are selling at a steady pace. Howard County experienced the lowest days on market (DOM) average at 31 days. Homes in Baltimore County experienced a DOM average of 39 days, and homes in Carroll County experienced a DOM average of 42 days. In Harford County, the DOM average was 43 days, followed by Anne Arundel County with a DOM average of 47 days and Baltimore City with a DOM average of 55 days.
“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Baltimore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.