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Howard County, MD, October 2022 - In September 2022, home prices in Howard County continued to rise despite higher rates, according to the Howard County Association of REALTORS® (HCAR).
In September 2022, the median sales price for homes in Howard County was $542,060, representing a decrease of four percent compared to the previous month and an increase of 15.6 percent compared to the same time last year. Howard County was the only county in the metro to see double-digit gains compared to a year ago.
Active listings in Howard County during the month of September 2022 were up 5.2 percent (366) compared to the previous year (348). New residential listings (405) saw a 17 percent decrease compared to the previous year (488) and an 11.8 percent decrease compared to the previous month (459).
Closed sales (377) saw a 28.7 percent decrease compared to the previous year (529) and a 13.7 percent decrease compared to the previous month (437). The average days on market for units sold was 16 days, which is a 33.3 percent increase from the same time last year (12) and 38 percent below the five-year September average of 26 days.
"As the cost of buying a home increases, rising mortgage rates will continue to affect buyers this season," said HCAR President Sarah Anderson. "Those who remain in the market will have more options and will likely have more bargaining power as more sellers adjust their list prices downward in line with volume changes. Howard County, in particular, will remain a very strong suburban market for the rest of the year."
At the end of September, there was less than one month of supply of inventory (0.94) in Howard County. Overall, the number of active listings regionwide is less than half of what it was before the pandemic.
Showing activity continued to be lower than a year ago but remains above pre-pandemic levels. There were 8,327 showings in Howard County in September, a 32.1 percent decrease compared to a year ago.
There was a 22.4 percent month-over-month (MoM) decrease in new contract activity with 329 new pendings; a 12.5 percent MoM decrease in all pendings (new contracts + contracts carried over from August) to 394; and a 4.6 percent increase in supply to 366 active units.
This activity resulted in a Contract Ratio of 1.08 pendings per active listing, down from 1.32 in August and a decrease from 1.72 in September 2021. The Contract Ratio is 3 percent lower than the five-year September average of 1.11. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.
HCAR’s monthly local housing statistics are pulled from the Bright Multiple Listing Service. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
Visit www.hcar.org for more information.
More about the Howard County Association of REALTORS®
The Howard County Association of REALTORS® is fortunate enough to represent over 2,000 real estate professionals in Howard County. HCAR’s mission is to advance Howard County’s real estate industry by shaping public policy on real property issues; and encouraging, promoting, and teaching consistent standards for ethical practice and professionalism for our REALTOR® members.
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