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March 2023 Maryland Housing Market Update for Anne Arundel County

This is your monthly real estate market update for Anne Arundel County Maryland with James Bowerman, your Pasadena MD Realtor and the Real Creative Group of Compass

Well it’s been a very mild winter here in Maryland, and it seems like the Spring real estate market has already arrived. Each year, it seems to come earlier and earlier. Buyers and Sellers are awakening from their Winter slumber, and trying to get an early jump on buying and selling their homes this year.

Last month I made a prediction that interest rates would ease down to 5% this year, but I may have jinked it because they’ve pumped back up near 7%. It’s safe to say that we’re not going back to the sub 3% rates of 2021 anytime soon. This is a tough pill to swallow as home prices continue to rise, making affordability a major concern to both buyers and sellers.

Inventory continues to be a major factor, limiting the supply of homes available to purchase. In most markets, we’re already seeing competitively priced homes sell with multiple offers in just a few days of going active. We will start to see more homes on the market in the next few months, but as it stands we only have about one month of inventory, which is consistent with a sellers market.

New construction accounts for only about 10% of homes sold in our market. This means the bulk of new inventory is going to be coming from resale. If interest rates remain high, it should ease the demand as inventory has a chance to replenish. However, when rates dip, I expect to see more buyers trying to jump in and time the market. Either way, it’s going to be a challenging year for buyers and real estate professionals as they attempt to navigate this market.

Thinking about buying or selling a home this year? I’d love to hear your thoughts and talk about how I can help you achieve your real estate goals!

Anne Arundel County, MD Housing Inventory

Let’s take a quick dive into a few of the hey metrics for Anne Arundel Counties housing market.

Coming Soon: There are 78 homes coming soon to the market, which is 10 more than last month. Properties cannot be in the Coming Soon status for more than 21 days.

Active Listings: There are 513 properties currently active for sale. This is the same amount of homes compared to last month, and a 25% increase compared to this time last year. 

Under Contract: There are 828 homes under contract and no longer available to tour or purchase. This is 105 more properties compared to last month, but a 36% decrease compared to this time last year. 

Homes Sold: There were 451 homes sold during the month of February. This is 80 fewer home sales compared to the previous month, and a 25% decrease compared to this time last year. 

Anne Arundel County, MD Average Time on Market

The average days on market decreased to 31 days, which means homes sold 1 day faster on average compared to the previous month. In the last 30 days there have been 167 price reductions, which is 33 less than the previous 30 days and about 33% of the active inventory. 

Average Home Prices

The average home sale price in Anne Arundel County in February was $506,830, which is a 4% increase compared to prices this time last year.

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