Housing Market Continues to Slow
Lower Eastern Shore, Md. – The market is starting to slow down and that could be a good thing. In June we saw home prices and interest rates dip and inventory grow.
The median home price is 15.1% higher than it was in June 2021 but down 7.9% from last month May 2022. Individually the median home price was $385,900 in Worcester, $249,990 in Wicomico, and $225,00 in Somerset. We currently have only 516 active listings in the lower three counties compared to 573 in June 2021 and 981 in June 2020.
In all three counties throughout June, new settlements were down 11.7% compared to the same time last year. Individually, new settlements throughout June were up by 5.1% in Wicomico and down 36.1% in Somerset, and 17.5% in Worcester.
New listings in June were down 10.1% compared to the same time last year in all three counties. Individually, new listings were down by 3.6% in Worcester, 16.5% in Wicomico, and up 23.9% in Somerset from June 2021.
Active listings in all three counties were down by 9.9% from June 2021. Individually, there were 292 active listings in Worcester, 152 in Wicomico, and 72 in Somerset. The median days on market for June 2022 was 8 which was up 33.3% from June of 2021.
According to the National Association of REALTORS® 57% of REALTORS® nationwide cited a lack of inventory as the primary reason that held potential clients back from completing a home purchase.
“We seem to be on the brink of change for our housing market,” said Coastal Association of REALTORS® President Grace Masten. “Sales are starting to slow and inventory is starting to slowly climb back up. Interest rates are still low compared to historical highs and actually dropped a little last month: Freddie Mac reported that the 30-year fixed mortgage rate dropped to 5.3% from 5.7%. With prices flattening, more inventory, and still relatively low mortgage rates now is a wonderful time to be shopping for your new home,” said Masten.
CAR’s monthly local housing statistics are compiled by Bright Multiple Listing Service, which represents the activity of over 1,000 local REALTORS® in Somerset, Wicomico, and Worcester counties, as well as 95,000 real estate professionals across the Mid-Atlantic region. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
Visit www.coastalrealtors.org for more information.
More about Coastal Association of REALTORS®
The Coastal Association of REALTORS® is fortunate enough to represent over 1,000 real estate professionals in Somerset, Wicomico, and Worcester Counties. These members are engaged, informed, and active in their communities. They support the American dream of homeownership, as well as the purchase and use of all types of real property. They are local. They are accurate. They are trusted. They are REALTORS® and affiliate members.
For more information on Coastal REALTORS®, visit www.coastalrealtors.org. The term REALTOR® is a registered collective membership mark unique to real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
MEDIA CONTACT: Colin Zimmerman / 410-641-4409 / firstname.lastname@example.org