HUGHESVILLE, Md. -- It might be time to rethink what a “normal” housing market looks like.

The Bright MLS Market Research team performed a detailed analysis of the 2023 Mid-Atlantic housing market—decidedly not a “normal” year by traditional measures—to see what lessons we can take away. Below you can review the entire report comparing 2023 to a previously "normal" year, or you can review the annual changes to Southern Maryland.

CLICK HERE TO SEE YEAR-OVER-YEAR DATA FOR SOUTHERN MARYLAND     CLICK HERE TO READ the FULL REPORT FROM BRIGHT MLS
 

How Did 2023 Compare to a More Typical Year?

A comparison of the 2023 Mid-Atlantic housing market to that of 2018—a year that saw more typical sales activity and home price growth—shows that 2023 had:

• 52,000 fewer sales
• 123,000 fewer new listings
• $110,000 higher median sale price

What Will Our New Normal Be?

While the housing market is still feeling the long-term impacts from pandemic response and shifting demographics, it appears that a “new normal” housing market will be one with fewer new listings, lower inventory, and a faster pace of sales.

One thing is certain: It’s more important than ever to focus on what’s happening in the local market rather than relying on reports from other parts of the country.