This is your monthly real estate market update for Anne Arundel County Maryland with James Bowerman and the Real Creative Group of Douglas Realty.
Download our 2021 Annual Real Estate Market Report for Anne Arundel County, Maryland at this link.
Anne Arundel County, MD Housing InventoryLet’s take a quick dive into a few of the metrics for Anne Arundel Counties housing inventory.
Coming Soon: There are 67 homes coming soon to the market, which is 3 less than last month.
Active Listings: There are 464 properties active for sale. This is 144 fewer homes compared to last month, and a 29% decrease compared to this time last year.
Under Contract: There are 957 homes under contract and no longer available to tour or purchase. This is 300 fewer properties compared to last month, and an 29% decrease compared to this time last year.
Homes Sold: There were 911 homes sold during the month of December. This is 34 fewer homes compared to last month, and a 6% decrease compared to this time last year.
Anne Arundel County, MD Average Time on MarketThe average days on market for increased to 23 days, which is an increase of 2 days compared to last month, and 6 consecutive months of days on market increasing.
Anne Arundel County, MD Average Home PricesThe average home sale price in Anne Arundel County increased 2% to $506,871 last month, which is also an 8% increase compared to prices this time last year.
Closing Thoughts on the Real Estate Market in MarylandAs crazy as 2020 was, 2021 was not to be outdone. As the COVID-19 pandemic continues, so does the insatiable demand for housing. The total number of home sales in Anne Arundel County increased 12.3% to 12,217, and the average home price increased 9.4% to $493,261.
These numbers far surpassed the predictions made by industry experts in 2020. Although more properties are being sold year-over-year, the supply just cannot keep up. If we look back to 2011, there were just 5,148 homes sold the entire year. Since then we’ve seen a 137% increase in total home sales. In fact, there were 5,744 homes sold between April and August this year alone!
So what’s driving the demand and where are we headed? Mortgage interest rates have a lot to do with it. Even with home values increasing, low interest rates have enabled buyers to keep their monthly payments down. However, rates are expected to go up in 2022, which will reduce buying power and make homes less affordable. This will likely push more buyers out of the market and slow the rate of appreciation.
Download the complete 2021 Annual Real Estate Market Report for Anne Arundel County, Maryland. This comprehensive and attractive report provides an in-depth analysis of the key metrics for multiple housing segments. Visit our website to get your free PDF copy at this link.