By Thomas Carroll, REALTOR®
Despite the doom and gloom headlines and rising interest rates, the median home price in the Baltimore metro area set a new record high in June. Up from $230,000 in May to $235,000 by the end of June. Average days on market remained extremely low at 23 days. However, inventory sits at 2.2 months, up from 1.9 months at the end of June. This represents a 15% increase in just two weeks. Inventory will be key to watch in the coming months because as it climbs, the balance of power between buyers and sellers will continue to shift in favor of buyers. More sellers are starting to drop their asking price in the area, with 32% of homes on the market currently offering a price reduction. This is up from only 20% at the begging on 2022.
So, what is this data telling us? Sellers are more willing to negotiate. It is still a seller’s market with home prices at all-time highs, but roughly 1 in 3 homes on the market have dropped their asking price! Buyers still need to act fast, with the average days on market remaining low, but they may be able to obtain some concessions in their negations. Ultimately, this represents a move towards a healthier housing market. We will continue to monitor the data and report back to you on the direction things are headed! In the meantime, if now is the right time for you to buy or sell please feel free to give me a call!