Home Sales Falling In Howard County, Slow Market Conditions Seen

HOWARD COUNTY, MD — Home sales across Howard County fell 31.1 percent in December 2022 with a median sold price hovering at $475,000, a decrease of 4.9 percent from November.

According to the Bright MLS T3 Home Demand Index, the index for Howard County in December 2022 was 74, which indicates slow market conditions, reports the Howard County Association of Realtors.

Slower new contract activity has led to an increase in inventory across the region even though overall supply remains relatively low.

Typically, a market with between four and five months of supply indicates a balanced housing market. Currently, there is just 0.59 months of supply in Howard County, higher than a year ago (0.33), but still very low, the Howard County Association of Realtors reported.

New listings were down 30.1 percent (165) from last year (236) and down 35 percent from the previous month (258). The average days on market for units sold was 22 days, which is a 15.8 percent increase from the same time last year (19) and 23 percent below the five-year December average of 29 days.

Active listings in Howard County were up 39.2 percent (206) compared to the previous year (148). Closed sales (257) saw a 31.1 percent decrease compared to the previous year (373) and a 6.2 percent increase compared to the previous month (242).