MARKET INSIGHTS APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET The market continues to evolve as we enter the seasonal lull when many homebuyers put their search on pause to focus on the holidays. Although the signs of market slowing continue and despite the rapid rise in interest rates, prices remain stubbornly high. Let’s explore the market data from November and set the stage for a more in-depth full-year review of 2022 in next month’s issue. All transaction data & data visualizations are based on information from Bright MLS for the period 1/1/2018 to 11/30/2022 Unless otherwise noted, data includes “Closed” transactions from Wicomico, Worcester, Somerset, Dorchester and Sussex Counties
AVERAGE SOLD PRICE
The average price of a home sold in November was $466,000. This is up 6% from October and 8% higher than this time last year. Prices have remained fairly flat over the last several months in spite of generally cooler conditions in the market.
The length of time a home is on the market before going under contract continued to increase in November. The median time is now 16 days, which is the highest since September 2020.
The sold price averaged 98.4% of the list price in November. This is higher than the last two months, but is lower than most of 2021 and early 2022 where it was more common for offers to go above asking.
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