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Berkshire Hathaway PenFed Realty/Ocean Pines
Lower Eastern Shore, Md. – The market is starting to slow down and that could be a good thing. In June we saw home prices and interest rates dip and inventory grow.
The median home price is 15.1 percent higher than it was in June 2021 but down 7.9 percent from last month May 2022. Individually the median home price was $385,900 in Worcester, $249,990 in Wicomico, and $225,00 in Somerset. We currently have only 516 active listings in the lower three counties compared to 573 in June 2021 and 981 in June 2020.
In all three counties throughout June, new settlements were down 11.7 percent compared to the same time last year. Individually, new settlements throughout June were up by 5.1 percent in Wicomico and down 36.1 percent in Somerset, and 17.5 percent in Worcester.
New listings in June were down 10.1 percent compared to the same time last year in all three counties. Individually, new listings were down by 3.6 percent in Worcester, 16.5 percent in Wicomico, and up 23.9 percent in Somerset from June 2021.
Active listings in all three counties were down by 9.9 percent from June 2021. Individually, there were 292 active listings in Worcester, 152 in Wicomico, and 72 in Somerset. The median days on market for June 2022 was 8 which was up 33.3 percent from June of 2021.
According to the National Association of Realtors 57 percent of Realtors nationwide cited a lack of inventory as the primary reason that held potential clients back from completing a home purchase.
“We seem to be on the brink of change for our housing market,” said Coastal Association of Realtors President Grace Masten. “Sales are starting to slow and inventory is starting to slowly climb back up. Interest rates are still low compared to historical highs and actually dropped a little last month: Freddie Mac reported that the 30-year fixed mortgage rate dropped to 5.3 percent from 5.7 percent.
“With prices flattening, more inventory, and still relatively low mortgage rates, now is a wonderful time to be shopping for your new home,” Masten said.
