Most reporting on the local housing markets focuses on prices and sales in the Washington metro region, such as the Maryland suburbs, but zooming out and looking at statewide data for Maryland shows a wide spread in home prices.
Maryland Realtors’ monthly report on statewide residential real estate transactions breaks out sales and prices by county.
Allegany County — including Cumberland, Maryland — had the lowest average price in April, at $127,511. That is also 8.5% lower than the average selling price a year ago.
There are currently 117 homes for sale in Allegany County.
Based on average selling price, Montgomery County is not the most expensive in Maryland. In April, the average in Talbot County, on Maryland’s Eastern Shore, was $941,004. There are currently 90 homes for sale in Talbot County, which includes Easton.
Average price versus median price is also relative to monthly sales. The median price in Talbot County was $410,000, indicating a handful of very expensive sales that skewed average price. (See the chart below for comparisons.)
Statewide, the average price of a home that sold in Maryland in April was $464,620, up 8.1% from a year earlier. The median price was $390,000, up 8.3%.
The overall number of sales that closed in April — 7,933 sales — was down 13.9% from a year earlier. Active inventory at the end of the month — the number of homes for sale — was 7,033. That’s down from more than 10,000 in April 2021.
“While the lack of inventory, lower sales and higher prices have shaped this market, the next thing to look out for is rising interest rates,” said Craig Wolf, president of Maryland Realtors.
Below is a comprehensive breakdown of residential sales activity by county in Maryland, courtesy of Maryland Realtors.
