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Home sales slowed and average house prices soared throughout the state and the region last month.
Local and Maryland real estate officials said the May statistics show strong demand, even as rising mortgage rates dampen the number of sales.
“Washington County average home sales prices recently passed the $300,000 threshold, matching their current average list prices. Average days on the market is down over 40% year-over-year, indicating that we’re still in a high demand housing market,” Heather Weeks wrote in an email.
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Weeks is a Realtor with Exit Preferred Realty and 2022 president of Pen-Mar Realtors.
The county’s average home price also exceeded $300,000 in April.
“The lion’s share of active listings in Washington County are in the city of Hagerstown, where we’ve seen the median sales price grow over 32% in the past 12 months,” she wrote. “Three- and four-bedroom homes seem to make up the bulk of sales in Hagerstown.”
The median price is the middle point, with half of the homes selling for less and half selling for more.
The latest figures from Pen-Mar and Maryland Realtors show that total sales declined in Washington County, but at a slower rate than the statewide drop. Prices in this region, meanwhile, rose at a higher rate than the statewide gains.
Pen-Mar Realtors provided May statistics for Franklin County, Pa., as well as for specific markets identified as Hagerstown in Maryland, and Chambersburg and Waynesboro in Pennsylvania.
“Chambersburg and Waynesboro make up half of the current active listings for the entire county. Waynesboro’s average sales prices top Chambersburg’s, though Chambersburg prices have grown faster in the past year. This is likely an indication that the Chambersburg area is growing faster and in higher demand at the moment,” Weeks wrote.
“Similar to Washington County, Franklin County home sales have primarily been in three- and four-bedroom homes over the past year. We’ll likely see a lot of new home construction aimed at this general size of home, to meet the high demand.”
Washington County’s average price tops $300,000
Washington County reported 190 home sales in May, down 9.5% from 210 sales in May 2021.
The average price rose 18.4%, from $261,124 to $309,170. The median price jumped 21%, from $240,000 to $290,500.
Homes spent an average of 19 days on the market in May, down from 32 in May 2021.
Prices up in Hagerstown, too
The Hagerstown market reported 137 home sales in May, down 2.8% from 141 in May 2021.
The average price rose 25.9%, from $231,159 to $290,951. The median price jumped 32.7%, from $211,000 to $280,000.
Homes spent an average of 18 days on the market, down from 41.
Franklin County follows price trend
Franklin County’s May home sales fell 8.1%, from 173 in May 2021 to 159 last month.
The average price increased 10%, from $228,673 to $251,492. The median price rose 18%, from $211,000 to $249,000.
The Chambersburg market sales rose 11.5%, from 61 to 68. The average price increased 4.6%, from $219,891 to $230,058. The median price jumped 9.6%, from $209,900 to $230,000.
In the Waynesboro market, sales fell 15%, from 40 to 34. The average price rose 1.7%, from $235,407 to $239,367, and the median price increased 19%, from $209,950 to $249,950.
Average days on the market was little changed in each of those areas.
‘Sooner rather than later’
Throughout Maryland, home sales fell 12.3% in May compared to the same month a year ago.
But the average price jumped 11.4%, reaching $484,283. And the median price rose 9.5%, hitting $405,000.
Among Maryland’s 24 jurisdictions, Montgomery County had the most sales, at 1,313. Kent County had the fewest, at 21.
Talbot County recorded the highest average price, at $765,252. Allegany County had the lowest, at $154,909.
Some signs indicate that housing inventory might be easing, Maryland Realtors reported. The report pointed to higher sales prices and increased mortgage rates. The state group also cited a recent study from the Mortgage Bankers Association of America, which found that the volume of mortgage applications dropped to its lowest level in 22 years.
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“While the easing of inventory is a good thing, opening opportunities for homebuyers, we’re also seeing mortgage interest rates climbing, which dampens sales,” Craig Wolf, 2022 president of Maryland Realtors, said in a news release.
Freddie Mac reported that the average 30-year rate has jumped to 5.23%. In May 2021, the average rate was 2.96%.
“Rates are expected to increase throughout 2022, which means if you’re looking to buy a home, doing so sooner rather than later can assure the best possible rate,” Wolf said.
May home sales
The following statistics for selected Maryland jurisdictions list the number of homes sold in May and the average price, with the percentage change from one year earlier.
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Allegany County: 62 (down 27.9%); $154,909 (up 22.8%)
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Frederick County: 487 (down 16.3%); $498,824 (up 12.2%)
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Garrett County: 47 (down 20.3%); $508,474 (up 17.7%)
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Washington County: 190 (down 9.5%); $309,170 (up 18.4%)
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Maryland: 8,467 (down 12.3%); $484,283 (up 11.4%)
Source: Maryland Realtors
Mike Lewis covers business, the economy and other issues. Follow Mike on Twitter: @MiLewis.
This article originally appeared on The Herald-Mail: Washington County home sales fall as average price soars in May
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