Coastal Association of REALTORS releases July 2022 housing report

MARYLAND – The housing market on the Lower Eastern Shore is shifting, according to the July housing report from the Coastal Association of REALTORS (CAR).

“I think it’s leveling out. Any time you’ve got a surge, it’s got to recover and rebound. That’s where we’re at now,” said CAR President, Grace Masten. “I think we’re going to see that listings will start to come back up on the market. Interest rates are going to continue rising a little bit. The buyers are going to have an opportunity to make informed decisions on their purchase.”

Last month, home sales dipped 27% across the state, and 20.9% in Somerset, Wicomico, and Worcester Counties, according to the report. The median home price also dropped about 1.7% from June. The median home price was $149,450 in Somerset County, $245,000 in Wicomico County, and $361,000 in Worcester County.

“I think the prices of the homes may come down a little bit. There are going to be different loan packages for the buyer. It’s leveling the playing field all the way across,” said Masten.

Meanwhile, CAR’s report indicates that new listings in Wicomico County dropped 15.9%, and 18.8% in Worcester County. In Somerset County, new listings increased by 18.4%. In July, there were 72 active listings in Somerset County, 150 in Wicomico County, and 309 in Worcester County.

“If you’re ready to buy, then buy. Don’t wait for the interest rates to come down or go up. Don’t wait for the housing prices to come up or go down. If you’re ready to make that purchase, purchase now,” said Masten.