Maryland REALTORS: Harford County Home Sales Decline But Prices Rise Amid Inventory Shortage
BALTIMORE, MD - Despite a sharp drop in home sales, home prices in Harford County, Maryland, are still rising, according to the April 2023 Maryland REALTORS® Housing Statistics Report. Year-over-year, home sales have decreased by 37.5%, with 202 homes sold in April 2023 compared to 323 in the same month last year.
Simultaneously, the average sales price for homes in Harford County has grown 5.1% to $392,280, while the median sales price has experienced a modest increase of 1.9%, now standing at $347,500.
This contrast between falling sales and rising prices is primarily attributed to the ongoing issue of low inventory, which currently hovers around a month's supply. According to Maryland REALTORS, A six-month inventory supply typically indicates a balanced market.
The number of units under contract or "Pending Units" has also decreased, falling from 389 in 2022 to 263 in 2023. Active inventory has reduced by 23.1% from 251 units in 2022 to just 193 this year.
Homes are spending an average of 5 days on the market, a slight increase from 4 days last year, reflecting the onset of the traditional spring sales period. However, new listings have nearly halved from 443 in 2022 to 202 this year.
Maryland REALTORS® President, Yolanda Muckle, noted the importance of homes as a cornerstone of generational wealth despite the current economic conditions and interest rates. "While the number of homes sold has dropped significantly, they are still holding their value and even increasing slightly," said Muckle.
She emphasized the necessity of more 'missing middle housing in Maryland. This category includes multifamily housing of four to eight units, smaller-scale homes clustered around a shared courtyard, accessory dwelling units (ADUs), duplexes, and triplexes. This type of housing offers greater diversity in home sizes and price points than traditional single-family homes.
Muckle also expressed concern about the state-wide shortage of 122,000 housing units for Marylanders and criticized initiatives like the Prince George's County Council's consideration of a two-year moratorium on townhouse development.
"We are not going to solve this problem by focusing on single-family homes. Marylanders in every county in this state need options," she concluded.
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