Home Sales and Rising Prices in Washington County, Maryland
Washington County home sales and prices rose again in May, according to the latest report from Maryland Realtors.
Statewide, May sales reached 9,334, up 46.1% from the same month a year ago. The average price hit $ 435,504, up 19%.
In Maryland, homes spend a median time of six days on the market, compared with 13. The median is the average, with half spending more time and half less.
“With homes sold after just six days, this market definitely remains strong,” said Dee Dee Miller, 2021 president of Maryland Realtors, in a press release. “However, selling prices continue to rise, making it difficult for buyers to go forward.”
Each of Maryland’s 24 jurisdictions saw what Miller called “a significant increase in units sold.”
Allegany County, for example, has doubled its sales. In Dorchester County, sales increased 103.3%.
In Washington County, sales jumped 58.6%, from 128 in May 2020 to 203 in May 2021, according to the Maryland Realtors report.
At the same time, there are fewer houses on the market. Active inventory fell more than 57%, from 413 to 177.
The average price increased 4.5%, from $ 248,460 to $ 259,706. And the median price rose 1.4%, from $ 231,700 to $ 235,000.
Median market dates fell from 28 to six.
“We continue to see a market with sustained growth where demand exceeds supply. There is no reason to believe this trend will end anytime soon, “Craig Harshman, broker and owner of Hagerstown Management Corp. and 2021 president of Pen-Mar Realtors, wrote in an email on Wednesday.
The increase in sales “puts pressure on inventory, and this is reflected in the average and median selling prices in our market,” he wrote.
What’s going on in Pennsylvania?
In Franklin County, Pa., Sales increased nearly 75%, from 99 to 173, according to figures from Pen-Mar.
The average price increased 11.6%, from $ 204,822 to $ 228,673. And the median price rose 6%, from $ 199,000 to $ 211,000.
“The Franklin County average selling price has climbed nearly 12%, year over year,” Harshman wrote. “It makes sense when you look at the high demand. The average number of days on the market is less than half of what we saw at this time last year. Homes are selling fast, and that has a impact on the whole market.
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Of Maryland’s 24 jurisdictions, Montgomery County had the most sales, at 1,457. Somerset County had the least, at 23.
Talbot County reported the highest average price, at $ 718,272.
Allegany County reported the lowest, at $ 125,679.
Home sales in May
The following statistics for some jurisdictions in Maryland list the number of homes sold in May and the average price, with the percentage change from the previous year:
Allegany County: 84 (up 100%); $ 125,679 (down 0.6%)
Carroll County: 252 (up 10.0%); $ 406,031 (up 10.7%)
Frederick County: 562 (up 49.1%); $ 441,708 (up 19.1%)
Garrett County: 55 (up 27.9%); $ 425,854 (up 49.6%)
Washington County: 203 (up 58.6%); $ 259,706 (up 4.5%)
Statewide: 9,334 (up 46.1%); $ 435,504 (up 19.0%)
Source: Maryland Realtors