Maryland sees increase in home sales, lack of inventory compared to last year
MARYLAND – It seems the housing market is booming across the country and Maryland is no exception. U.S. home prices jumped in October by the most in more than six years but Maryland realtors say they’re still struggling with a lack of inventory.
Experts say there has been a seasonal slow down but definitely not the slow down normally seen this time of year. We’re told statistics are set to outpace 2019’s numbers with Maryland’s sales 25.6 percent higher compared to this time last year. However, realtors say their biggest concern is a small inventory for people looking to buy. Maryland is at about a 1.2 month’s supply of inventory with some places seeing just a half a month’s worth of inventory.
“That’s a real lack of inventory and it’s starting to actually be a real issue because we’ve got first time buyers on the Shore especially who are trying to get into housing. There’s a lack of affordable housing for them to find because the median price across the state has actually increased to $342,000,” says Dee Dee Miller, the President of Maryland REALTORS.
Realtors believe the low interest rates are the main driver of the housing market right now and they’re predicted to stay low in 2021. If you’re looking to sell, experts recommend you start thinking about that process now so you can capitalize on the current market conditions.