Southern Maryland Housing Market Faces Frightening Trends as Interest Rates Soar

The Southern Maryland housing market is experiencing a slowdown, with declining new listings and pending home sales. Mortgage rates have reached a 20-year high, deterring some buyers. However, the median sold price has increased, and homes are selling faster. Despite this, there is still a lack of housing supply. The Southern Maryland Association of REALTORS® encourages buyers and sellers to stay informed about the market.