LOWER EASTERN SHORE, MD – $400,000 was the median sales price for homes in Worcester County last month and that was a historic high. For the lower three counties combined the median price was $325,000 which was also a historic high and at the same time our active listings and inventory stay at historic lows. The summer is almost here and buyers looking to move to the shore are going to have a hard time finding their dream home with the lack of homes for sale.
The median home price is 14% higher than it was in April 2021 and up 6.6% from last month March 2022. We currently have only 382 active listings in the lower three counties compared to 471 in April 2021 and 1329 in April 2020 when the pandemic began.
In all three counties throughout April, new settlements were down 18.2% compared to the same time last year. Individually, new settlements throughout April were up by 17.2% in Somerset and 6.6% in Wicomico, and down 30.7% in Worcester.
New listings in April were down 21.7% compared to the same time last year in all three counties. Individually, new listings were down by 21.4% in Worcester, 23.2% in Wicomico, and 17.5% in Somerset from April of 2021.
Active listings in all three counties were down by 18.9% from April of 2021. Individually, there were 195 active listings in Worcester, 130 in Wicomico, and 57 in Somerset. The median days on market for April 2022 was 7 which was the same as 2021.
“There are only so many ways to say we don’t have enough homes to sell,” said Coastal Association of REALTORS® President Grace Masten. “We have been talking about inventory for 2 years and it’s not getting any better. Prices are continuing to rise and fewer homes are coming to the market. Summer and early fall is our busiest time, and we are losing people who want to move to the shore to other areas of the country because we don’t have the homes to offer them. It is time to get creative with zoning and building and encourage new homes to come to the market. Accessory Dwelling Units (ADUs) in particular seem to be a very promising tool to help correct the market. We are encouraging all jurisdictions to take a good look at them and allow them in their counties or towns,” said Masten.
CAR’s monthly local housing statistics are compiled by Bright Multiple Listing Service, which represents the activity of over 1,000 local REALTORS® in Somerset, Wicomico, and Worcester counties, as well as 95,000 real estate professionals across the Mid-Atlantic region. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
Visit www.coastalrealtors.org for more information.
More about Coastal Association of REALTORS®
The Coastal Association of REALTORS® is fortunate enough to represent over 1,000 real estate professionals in Somerset, Wicomico, and Worcester Counties. These members are engaged, informed, and active in their communities. They support the American dream of homeownership, as well as the purchase and use of all types of real property. They are local. They are accurate. They are trusted. They are REALTORS® and affiliate members.
For more information on Coastal REALTORS®, visit www.coastalrealtors.org. The term REALTOR® is a registered collective membership mark unique to real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.