October Housing Data Continues Trend of Rising Home Sales & Sales Prices; New Listings Increase as Inventory Remains Tight

ANNAPOLIS, MD -November 23, 2020



Maryland’s October housing market continued its dramatic upward climb, with a leap in sales that measured 27.6% above last year’s sales. Two Eastern Shore counties more than doubled homes sold than the previous year with Talbot growing 105.6% and Kent County rising 126.9%. Average sales prices grew 16.3% from 2019 and median prices jumped 15% to $345,000.

“These last two months of double-digit growth truly emphasizes the appeal of transacting in real estate in the present environment,” said Dee Dee Miller, President, Maryland REALTORS®. “Since turning the corner in July, sales have been on an upward trend. ”

“Inventory remain a challenge, with less than half of the number of homes on the market from a year ago, although we also witnessed an increase in number of new listings from 2019, up 11% from the previous year,” added Miller. “This may help moderate the rapidly rising prices, which negatively affect affordability. While many things need to be addressed to provide more housing—including the need for additional housing construction—this increase in new listings should help meet some of the demand.”