So, How’s the Market?
If you have been paying attention to the market, you can feel that it slowed in August. A lot of buyers and agents were on vacations or getting into the back-to-school groove. Typically, this area sees a slow down in August, but we missed that slowed down last year due to Covid and other factors. This year it appears to have returned. So let’s look at the data and talk about where we are.
August 2021 Housing Market
Our August data was just released, and here is a summary of some of the main points:
In August, demand was high for all types of homes, except lower priced single family homes and townhouses. Inventory is still tight at 1.2 months of supply for mid-priced single family homes and 3.1 months of supply for higher-priced condos.
The T3 Home Demand Index for the DC metro area has been in the high category (the highest category in the range) since March, but now is in the moderate category, showing that demand has softened for August 2021. Buyer interest in each market segment has softened since May. Demand is strongest for single-family homes priced above $950,000 and high priced condos. But demand is down 12% from this time last year.
Maryland Housing Market
(Source: Maryland Realtors)
Specifically turning to Maryland, the average price is up 8.4% and the median price is up 10.3% in 2021 compared to 2020. The active inventory is down from 13,524 in 2020 to 10,119 in 2021. The median days on market is down to 7 DOM in 2021 compared to 9 DOM in 2020.
And an interesting note up in Baltimore. In August, demand for higher-priced single-family homes and higher-priced condos was significantly stronger than any other type of home in the Baltimore Metro area.