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Howard County, MD, January 2023 -
The Howard County housing market saw a 21.1 percent decrease in home sales last year, according to the Howard County Association of REALTORS® (HCAR), which released its 2022 Housing Report and Economic Forecast on Tuesday, February 14, 2023.
According to HCAR, in 2022, REALTORS® in the Howard County metro area sold 4,231 homes (down 21.1 percent from 2021) worth a total of $2.4 billion (down 15.5 percent from 2021).
Howard County’s overall median sales price for 2022 was $520,000, up 8.3 percent from 2021. Fulton in particular saw notable year-over-year increases, coming in at a median sales price of $930,000, which is a 26 percent increase from 2021.
Howard County saw 4,832 new listings come to the market in 2022, down 17.8 percent from 2020. Elkridge, for example, saw new listings (530) decline 18.1 percent from 2021.
When compared to five years ago, the average sale price of a home in Howard County saw a 32 percent increase to $590,457. The sold dollar volume increased 15.7 percent, units sold decreased 12.8 percent, and the average days on market for units sold decreased 68 percent.
Top Five Active Zip Codes in Howard County 2022
Least Amount of Activity in Howard County 2022 by Zip Code
Click here for a full report on Howard County 2022 housing activity by zipcode.
Demand slowed in 2022 in Howard County, as the Home Demand Index (HDI) score decreased from 128 percent in December 2021 to 74 percent in December 2022. Columbia was a bright spot for demand in December 2022 with the zip code, 21045, seeing an HDI score of 159. This was the only Howard County zip code to see a high HDI score in December. The 21045 zip code had 563 sales in 2022, which is a 20.8 percent decrease from 2021; however, 21045 saw the lowest decline in the county among zip codes with more than 10 sales in December.
In the coming year, the viability of the local real estate market will largely depend on inflation – which directly influences the mortgage interest rate and overall affordability – and inventory availability. HCAR supports policy designed to address the housing shortage, particularly the shortage of middle-income housing. This “Missing Middle” population requires support through a variety of solutions, including Accessory Dwelling Units. As always, HCAR encourages all potential homebuyers and sellers to enlist the services of a REALTOR® - an unparalleled local market expert and skilled negotiator.
HCAR’s 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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