Carroll County home sales drop as prices rise
The housing market landscape hasn’t changed much in Carroll County over the last year, as homes sales remain low, inventory shrinks, and sale prices climb.
The number of homes sold last month in Carroll County dropped by 8.8% when compared to March 2023. Last month, 135 homes were sold in the county, an 8.8% drop from March 2023, when 148 homes sold, according to the most recent statistics from Maryland REALTORS, a nonprofit real estate association that provides resources and support to area realtors.
The average sale price for a home in Carroll last month was $472,004, up 4.7% over last year’s average price of $450,783.
Brian C. Lipsky, vice president and branch manager of Long & Foster Real Estate in Eldersburg, Taneytown and Cattail Creek in Howard County, said the lack of inventory, and the high price of homes, hasn’t changed much over last year. With the low inventory, sellers are fielding multiple offers, he said.
“What we’re seeing in my office is still reflective of the lack of inventory in Carroll County,” said Lipsky, immediate past president of Carroll County Realtors. “There still seems to be a demand by buyers.”
Last month, the median number of days a house remained on the market before going under contract in Carroll, was eight, according to Maryland REALTORS. Not much of a change from March 2023, when the median number of days was nine.
Whether downsizing or upsizing, owning an existing home and selling in today’s market is a plus.
“People see the benefit of selling, because they have a decent amount of equity in their current home for their next home,” Lipsky said.
Interest rates are also affecting the buyer’s purchasing ability.
As of Tuesday, interest rates in Maryland were 7.29% for a 30-year fixed mortgage and 7.21% for a 15-year fixed mortgage, according to Bankrate, a New York-based consumer financial services company.
“Mortgage rates have risen sharply since the start of 2022,” Bankrate states on its website. “While they appear to be heading downward from 2023’s watermark, they aren’t decreasing as fast as they increased. Along with rising home prices in Maryland, affordability has become an issue for homebuyers entering the market.”
Last month, 5,104 homes were sold in Maryland compared to 5,929 in March 2023, a drop of 13.9%, , according to Maryland REALTORS. The average sales price in Maryland jumped 6.3% to $473,442, up from $445,473 a year ago.
“While March’s figure for units sold represents the largest drop in 2024 so far, the price for housing in Maryland continues to climb upward,” the nonprofit stated in the news release Tuesday. “Lack of inventory continues to be the primary factor driving prices higher.”