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, with Carroll County seeing a 7 percent increase and both Baltimore City and Baltimore County experiencing a 6 percent increase. In Howard County, the median sale price rose by 4 percent, while in Anne Arundel County it increased by 1 percent. In Harford County, the median sale price declined by 5 percent.
The number of homes sold also rose in parts of the Baltimore region in June when compared to the same month in 2016. In both Baltimore City and Carroll County, home sales rose by 6 percent, followed by Baltimore County with a 3 percent increase. The number of homes sold increased by 1 percent in Anne Arundel County, while remaining the same as the previous year Harford County. Howard County experienced a 5 percent decrease in home sales.
Active inventory fell throughout the Baltimore region in June compared to the same month last year. Carroll County experienced a decline of 32 percent, and Harford County experienced a decline of 25 percent. In Baltimore County, active inventory decreased by 20 percent, and in Baltimore City it fell by 17 percent. In Howard and Anne Arundel counties, active inventory fell by 16 percent and 15 percent, respectively.
Homes in the Baltimore region are selling at a steady pace. Howard County experienced the lowest days on market (DOM) average at 30 days. Homes in Carroll County experienced a DOM average of 33 days, and homes in Harford County experienced a DOM average of 38 days. In Anne Arundel County, the DOM average was 41 days, followed by Baltimore County with a DOM average of 43 days and Baltimore City with a DOM average of 53 days.
“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Baltimore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”
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.