Charles County homes continued their steady rise during the fourth quarter according to the Southern Maryland Association of REALTORS® (SMAR). Average and median prices grew by 2.1 and 3.3 percent respectively as compared to the same time in 2017, while units sold dropped by 12.7 percent during the same time period.
“Despite the continued decrease in home sales in during fourth quarter, median and average price increased in Charles County,” said SMAR President Judy Szynborski. “Pending units both dropped 11.5 and during the fourth quarter,” she added. Szynborski went on to note, “the continued lack of inventory is driving prices up.” The months of available inventory saw a slight increase to 3.3 from 3.2 months in 2017. A healthy market is between 6 and 6.5 months of available inventory.
Monthly housing statistics for Charles County are compiled by data as reported by Bright MLS. For the purposes of this report, “units” are defined as the closed sales and “pending units” are properties under contract. Months of inventory are based on the current active inventory and monthly sales for the corresponding month.
Charles County is part of the Southern Maryland Association of REALTORS®, which is an affiliate of the Maryland REALTORS® and National Association of REALTORS®. We are proud to serve our members and our community and work to ensure professionalism in the industry. Our volunteers and staff work to offer services to real estate professionals and to provide avenues for our members to become more successful. We proudly work to promote and protect homeownership and private property rights.