Anne Arundel County, MD Housing Market: November 2023 vs. 2024 Trends

Anne Arundel County, MD Housing Market: November 2023 vs. 2024 Trends

1. Median List Price:

• November 2023: $460,995
• November 2024: $480,000
• Difference: Increased by $19,005 (+4.1%).
• Analysis: The rise in list prices indicates stronger seller confidence and potential appreciation in property values.

2. Median Sold Price:

• November 2023: $499,000
• November 2024: $499,730
• Difference: Increased slightly by $730 (+0.1%).
• Analysis: While list prices rose significantly, sold prices remained stable, suggesting buyers' willingness to negotiate close to prior-year levels.

3. Days on Market (DOM):

• November 2023: 20 days
• November 2024: 23 days
• Difference: Increased by 3 days (+15%).
• Analysis: Homes took slightly longer to sell, possibly due to the higher list prices requiring more negotiation or a modest cooling in market demand.

4. Number of Homes That Went Pending vs. Sold:

• Pending Homes:
  • November 2023: 403
  • November 2024: 417
  • Difference: Increased by 14 homes (+3.5%).
• Sold Homes:
  • November 2023: 541
  • November 2024: 555
  • Difference: Increased by 14 homes (+2.6%).
• Analysis: Both pending and sold transactions increased slightly, showing consistent buyer activity. However, the pending-to-sold ratio remained strong, reflecting a healthy conversion of contracts to closings.

Summary:

The housing market in Anne Arundel County saw higher median list prices, slight appreciation in median sold prices, and a modest increase in the number of homes sold and pending. However, homes spent a bit longer on the market compared to the previous year, which could reflect cautious buyer behavior in response to higher prices. Sellers benefited from increased pricing power, while buyers faced steady competition with slightly more inventory and time to make decisions.

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Data/Stats courtesy of Bright MLS