Demand | Market Oct 2021?
How’s the Market Oct 2021? We started to see a softening at the end of the summer and we were not sure if that was going to be a blip or continue. Demand for homes in the DC Metro area eased in October. The Bright MLS | T3 Home Demand Index is rated at a Moderate level of buyer interest and is 12% below 2020.
Demand was High for all types of homes except lower-priced single-family (under $400k). Higher-priced single-family homes and higher-priced condos had the strongest demand. The Index for higher-priced single-family homes decreased by 11%, while buyer interest in other market segments was essentially unchanged over the month. Inventory levels ranged from a 1.3 months supply for mid-priced single-family homes to a 4.6 months supply for higher-priced condos. The months’ supply was lower in each of the single-family segments and rose for higher-priced condos.
Source: Bright MLS T3 Home Demand Index
Prices
How’s the Market Oct 2021? Prices continue to rise and we saw a new overall ten-year high. The median sales price was $535,000 in Oct 2021, this is up 7% from Oct 2020. Median days on market are 9 days.
Maryland Oct 2021
Maryland’s October 2021 housing market continued its monthly trend of a decrease in units sold, down 8,665 in 2021, a 10.4% drop from 2020’s figure of 9,676. In spite of this dip, the average sales price rose 7% to reach $431,461 as compared to 2020’s number of $403,226. The median sales price of $369,700 represented a 7.2% increase from last year’s figure of $345,000.
Source: Maryland Realtors
There are signs that suggest an easing of the market. While the number of units sold has decreased, prices are not rising as fast they were earlier in 2021. Median days on market—the number of days a house is listed before it is sold—has grown by a day over the last three months to 9 days today, versus 8 last year.
