Maryland: September 2020 Housing Data Shows Sharp Increase in Home Sales, Rising Sales Prices, and an Increasingly Tight Inventory

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According to the Maryland Association of Realtors (MAR), Maryland’s September housing market demonstrated a dramatic leap in sales of 23.1% from last year.  Average sales prices rose to 16.2%.

While many counties experienced double-digit sales increases, two counties performed very well:

  • Garrett County’s sales increased 72.3% from the previous year
  • Talbot County’s sales leapt to 94.4% from the previous year

ASH MCGINTY currently does not provide real estate services in Garrett and Talbot Counties. Which makes sense because we have no idea where these counties are located in Maryland.

Here are sales stats for the counties we do provide services:

  • Anne Arundel County +18.7%
  • Baltimore City +20.7%
  • Baltimore County +22.1%
  • Charles County +8.7%
  • Frederick County +33.2%
  • Howard County +23.2%
  • Montgomery County +31.9%
  • Prince George’s County +7.5%

“At the beginning of 2020, the average sale price was $335,910. Now, in September this figure is $402,747,” said Dee Dee Miller, President, Maryland REALTORS®. “We’ve seen significant growth in median prices as well. In January, it was $288,000, and now we’re at $340,000. The increase in number of homes sold, as well as the increase in the sale price of that home, play a significant part in Maryland’s economy.”

“We still have concerns with inventory,” added Miller. “We’ve witnessed a 34% decrease in the amount of available inventory since January, and houses continue to move swiftly: median days on market is eight days compared to 24 days a year ago. A glimmer of good news can be found in the number of new listings. In September, new listings rose 3.93% from last year, versus a 1.12% decrease in August.”

Here’s the recap:

  • Average sales price $402,747
  • Median sales price $340,000
  • 34% decrease in available inventory
  • Median days on market 8 days

See Maryland September 2020 Housing Stats By County below:

Maryland REALTORS® is the largest professional trade association in the state, serving over 28,000 members, and is dedicated to preserving the vitality of the real estate market. REALTOR® is a registered collective membership mark which may only be used by those real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics and who are members of the national, state, and local REALTOR® organizations.

Maryland’s monthly housing statistics are reported by MarketStats by ShowingTime and are based on housing data provided by Bright MLS. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract. Months of Inventory are based on the current active inventory and monthly sales for the corresponding month; data are revised on a regular basis. Readers of these reports should note that older reports have not been adjusted to reflect any revised data. This report, however, contains the latest reliable data to date.

NOTE: UNITS ARE THE “UNITS” SOLD; PENDING UNITS ARE UNDER CONTRACT


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About Dana Ash-McGinty 179 Articles
Dana Ash-McGinty is the Principal Broker of ASH | MCGINTY, a Washington, DC Real Estate Brokerage. This real estate maven has 15+ years experience in residential, commercial and land sales in addition to multi-state residential renovation, re-zoning, and condo conversion projects. A sought after real estate authority, she has been featured on CNN and in various real estate and financial publications. Dana is married to the highly esteemed Dr. Dana W. McGinty, a Washington, DC based internal medicine physician. They are often referred to as "The Danas".

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