MARKET INSIGHTS APPLYING DATA SCIENCE TO BETTER UNDERSTAND OUR LOCAL MARKET It’s hard to believe it’s March of 2023 already and there has been plenty of activity in the real estate market this year so far. Pricing stubbornly is holding fairly stable and the number of homes sold continues to decrease. This is primarily because there is still insufficient inventory in the market to meet demand. Let’s take a closer look… All transaction data & data visualizations are based on information from Bright MLS for the period 1/1/2018 to 1/31/2023 Unless otherwise noted, data includes “Active” or “Closed” transactions from Wicomico, Worcester, Somerset, Dorchester and Sussex Counties
Overall, home prices in our region continue to hold steady.
AVERAGE SOLD PRICE The average price of a home has stayed fairly flat through 2022 and there is no sign of that changing yet as 2023 kicks off. For the last 12 months, it has hovered right around $450,000. Note this is about a 50% increase compared to 2018/2019. And even when we look by county, the pricing per square foot of homes sold tells a similar story. One could argue that there may be a slight decrease evident in Wicomico, Worcester and Sussex from a peak in Q3 2022.
The chart to the left shows the actual sold price compared to the list price for homes sold since January 2022. It average above 100% in April of last year, but has steadily declined since. It was down to 96% in January 2023. This could be an indication that sellers are still a bit optimistic in pricing their homes for sale, while buyers have gained a little more leverage in the negotiations of their offer.
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