Lower Eastern Shore, MD – In March of 2020, at the start of the pandemic, the median home price in the lower three counties was $231,250. Over the last 2 years, as inventory has dropped, home prices have risen. We have seen a few months where they have gone down a little from the month before but overall, we have seen a slow increase. However, in February of 2022, we saw over a 15% increase bringing us to a historic high of $312,250. $81,000 more than at the beginning of the pandemic.
The cause of this increase and our continued market conditions is the lack of housing available at all levels of the market. In March of 2020, we had a 4.2 month supply of homes. There are currently 0.93 months of inventory available in the lower three counties and it continues to drop.
The median home price is 15.6% higher than it was in January of 2022 and 21.7% higher than it was in February of 2021. We currently have only 388 active listings in the lower three counties compared to 1353 in February 2020.
In all three counties throughout February, new settlements were down 14.9% compared to the same time last year. Individually, new settlements throughout February were up by 2.4% in Wicomico, 19% in Somerset, and down 24.7% in Worcester.
New listings in February were down 17.7% compared to the same time last year in all three counties. Individually, new listings were down by 20.9% in Worcester, 24.1% in Wicomico, and up 56.5% in Somerset from February of 2021.
Active listings in all three counties were down by 23%. Individually, there were 203 active listings in Worcester, 122 in Wicomico, and 63 in Somerset.
LOCAL MARKET INSIGHTS FEBRUARY 2022
Coastal Association of REALTORS (CAR)
The median days on market for February 2022 was 17 which was the same as 2021. “Prices are on the rise and although that is good news for homeowners in the area is not good news for people looking to become homeowners,” said Coastal Association of REALTORS® President Grace Masten. “Over the last 20 years home building has not kept up with the needs of the area and we are now seeing the results. Low inventory and rising home costs. Now is the time to incentivize home building for all levels of the market. Salisbury’s “Here is Home” incentive program is a great example of what government can do to incentivize developments,” said Masten.
CAR’s monthly local housing statistics are pulled from the 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.
