In Maryland, housing prices were found to have increased to as high as 44.9% from October 2020 to October 2021. The average sales price for homes all over the state has all seen an increase compared to a year ago.

Compared to decades ago, Americans today are now paying a lot more for things like gasoline and food thanks to the continuously rising inflation.

Inflation has been on the rise over the past few years yet the salary of most workers remains the same. This has caused many individuals to have less and less discretionary money that they can spend before the next payday.

Paying for these basic necessities isn’t their only problem. Even buying a home is more expensive now than ever before.

In Maryland, housing prices were found to have increased to as high as 44.9% from October 2020 to October 2021. The average sales price for homes all over the state has all seen an increase compared to a year ago.

What This Means for Interested Homebuyers

Since the rising inflation doesn’t seem to be slowing down, interested home buyers may have to lower their budgets when shopping around for a new house. This is primarily due to having less money to spend each month.

The increased cost of living means people will be paying higher prices on other things that they need. Climbing mortgage rates aren’t helping either but instead make it harder to own a home. Most buyers of averaged-priced houses have been seen spending more each month for mortgage payments compared to in 2020.

For people who have the money to afford to purchase a new house, they might find the market slowly becoming less competitive. A person with the right budget may be presented with more options when buying a home.

Here are a few more statistics that will give you an idea of the current housing landscape in Maryland:

  • Baltimore City: Median sales price is $210,000 up by 14.8%

  • Carroll County: Median sales price is $395,000 up by 4%

  • Dorchester County: Median sales price is $255,000 up by 34.6%

  • Frederick County: Median sales price is $408,125 up by 12.1%

  • Garrett County: Median sales price is $405,000 up by 14.1%

  • Washington County: Median sales price is $264,950 up by 8.1%

  • Worcester County: Median sales price is 354,000 up by 19.2%

Get Help From a Maryland Real Estate Agent Today

Shopping for a new house isn’t as easy as it was before. Besides the rising cost, buyers also have to deal with low inventory, making it difficult to find homes for sale that are within their budget. This is where a Maryland real estate agent can help.

The Ashley M. Miller Team at Your Home Hero can provide you with an in-depth list of all real estate properties that match your preferences. We are a team of professional, honest, and dedicated realtors that can guide you through the process of buying your new home.

Our main priorities are keeping you informed of any new updates and helping you secure the property you’ve always wanted. Furthermore, we always go the extra mile with our clients because we want you to have the best real estate buying experience possible.

Ready to find the homes that fit your bill? Contact us today to learn more.