Interest Rates and Inventory Rise as Listings and Prices Drop
Lower Eastern Shore, Md. – The seasons are changing and so is the market on the Lower Shore. Last month home sales dropped by 27% across Maryland and dropped 20.9% locally. Interest rates continue to rise and there are many indications that buyers are showing concern for the market.
The median home price is 4.9% higher than it was in July 2021 but down 1.7% from last month June 2022. Individually the median home price was $361,000 in Worcester, $245,000 in Wicomico, and $149,450 in Somerset. We currently have only 531 active listings in the lower three counties compared to 545 in July 2021 and 1608 in July 2019 pre-pandemic.
In all three counties throughout July, new settlements were down 20.9% compared to the same time last year. Individually, new settlements throughout July were down by 20% in Worcester and 26.4% in Wicomico, and flat in Somerset.
New listings in July were down 17.8% compared to the same time last year in all three counties. Individually, new listings were down by 18.8% in Worcester, 15.9% in Wicomico, and up 18.4% in Somerset from July 2021.
Active listings in all three counties were down by 2.6% from July 2021. Individually, there were 309 active listings in Worcester, 150 in Wicomico, and 72 in Somerset. The median days on market for July 2022 was 9 which was up 12.5% from July of 2021.
“One of the signs we are seeing of a changing market is the drop in listings. Active listings are down 2.6% but new listings are down almost 18%,” said Coastal Association of REALTORS® President Grace Masten. “In addition to listings, closed sales are down 20.9% from last year and the median home price dropped a little from last month. All of these factors add up to a change in the market that could be good for home buyers that have been waiting on the sidelines,” 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 / email@example.com