ANNAPOLIS — Residential property sales climbed 3.2 percent in 2017 over the previous year, or more than 2,500 homes, according to the Maryland Realtors.
Eighteen of Maryland’s 24 jurisdictions posted gains in home sales ranging from 0.7 to 13.2 percent in 2017 as compared to 2016. Average and median prices statewide rose by 4.0 and 4.4 percent, respectively.
Prices also varied widely. Within the state, only Allegany County reported a decline in average price with a slight drop of 0.2 percent. All other counties registered a rise in average prices from 2.4 percent in Howard County to 18.8 percent in Garrett County. Average prices remained flat in Caroline County from 2016. Median prices in all jurisdictions rose, from 1.7 percent in Wicomico County to 25.4 percent in Somerset County.
“Overall, the 2017 residential sales market in Maryland was stable,” Boyd Campbell, Maryland Realtors president, said. “While increases in both home sales and average and median prices are moderate, the steady nature of the overall residential real estate market in Maryland is a healthy trend for Maryland.”
On the Mid-Shore, 12 percent more homes were sold in Talbot County in 2017; 643 units were sold in 2016 and 720 in 2017. The average home price in Talbot increased 10.2 percent, from $434,887 in 2016 to $479,257. The median price increased 10.3 percent, from $291,927 to $315,808.
Queen Anne’s County also had a sizable increase in the number of homes sold, from 848 in 2016 to 938 in 2017, a 10.6 percent increase. Average price rose 4.6 percent, from $353,946 to $370,326 and median price increased 5.5 percent, from $299,439 to $315,808.
Home sales in Kent County jumped 7.8 percent, from 321 in 2016 to 346 last year. The average price rose 7.6 percent, from $263,189 to $283,143. Kent’s median home price jumped 10.2 percent, from $194,933 to $214,750.
Caroline County registered a slight increase in home sales, with 395 in 2017, 1.8 percent more than the 388 homes sold in 2016. The average sales price was essentially flat; prices averaged $178,559 in 2016 and $178,606 in 2017. The median price increased 3.3 percent, from $163,173 in 2016 to $168,635 last year.
Dorchester was the only Mid-Shore county to have a drop in home sales in 2017. There were 433 sales in 2017, a 5.7 percent decline from 459 homes sold in 2016. Average and median prices, however, increased more than 14 percent. The average price in 2016 was $171,124; in 2017, it was $195,763; a 14.4 percent increase. The median price increased 14.9 percent, from $133,672 in 2016 to $153,542 last year.