The narrative hasn’t changed much when it comes to the real estate market here in Anne Arundel County. A low supply of inventory continues to create a condition of high demand for home buyers, resulting in fewer days on market, multiple offers, and higher sales prices. So in this month’s market update, I wanted to take a look at and break down three different market segments; homes selling below $500,000, between $500,000 to $1,000,000, and above $1,000,000.
Home For Sale Below $500,000 in AACo
This range is below the average sales price in Anne Arundel County, making it the most attractive for first time homebuyers or those with a smaller budget. There are only 198 properties currently active for sale below $500,000, which makes up only 36% of the total inventory. However, 57% of the homes coming soon do fall in this price range, which is good news. The average price in this market segment is about $360,000, with a median days on market of 6 days, and selling for an average of 0.9% above list price.
Home For Sale Between $500,000 to $1,000,000 in AACo
Many of the home buyers in this range are move-up buyers and would consist of larger, detached single family homes and waterfront properties. With 269 active listings, this segment makes up 48% of the total market inventory. However, only about 39% of the homes sold last month fell into this price range. Home buyers looking to buy can expect an average price of about $670,000, with a median days on market of 6 days, and selling for an average of 1.2% above list price.
Home For Sale Above $1,000,000 in AACo
Luxury real estate in Anne Arundel County is highly concentrated around the waterfront spanning out from Annapolis and the Chesapeake Bay. With 91 properties for sale, the luxury segment makes up just 16% of the active inventory. Those with the means to purchase a home in this price range can expect an average price point of $1,550,000, with a median days on market of 5 days, but are selling for an average of 0.9% below the list price.
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 131 homes coming soon to the market, which is 31 more than last month. Properties cannot be in the Coming Soon status for more than 21 days.
Active Listings: There are 555 properties currently active for sale. This is 53 more homes compared to last month, but a 7% decrease compared to the same time last year.
Under Contract: There are 998 homes under contract and no longer available to tour or purchase. This is 63 more properties compared to last month, and a 41% increase compared to last year.
Homes Sold: There were 540 homes sold during the month of April. This is 29 fewer home sales compared to the previous month, and a 41% decrease compared to April of 2022.
Anne Arundel County, MD Average Time on Market
The average days on market decreased 4 days to 23 days, which means homes are selling faster compared to the previous month. In the last 30 days there have been 166 price reductions, which makes up about 30% of the active inventory.
Anne Arundel County, MD Average Home Prices
The average home sale price in Anne Arundel County in April was $541,283, which is a 0.5% increase compared to prices this time last year.