OCEAN CITY, Md.- Karl Potter is selling his home in Ocean City but he knows it might be harder than a few months ago, "Market going down a little bit because of interest rates and the atmosphere of the world, things affected but I'm in a position I don't have to sell, if I sell great."
According to housing statistics from Maryland Realtors, across the state home sales are down over 37 percent. Realtors in Ocean City say the demand is still high to buy but there's just nowhere to go.
Kristin Gebhart, a realtor in Ocean City spoke on why the market has gotten to its current state, "I think the slow of sales has to do with the lack of inventory. There's not a really a lot to choose from and I think right now buyers are kind of a choosier than when they were in the chaos of Covid and it was just first come first serve."
The housing sales in Worcester county are down by 20% although the average sale price is up Maryland Realtors say now is a good time to buy even though interest rates are high, it will help you build equity but there's still something missing from the market.
According to Maryland Realtors, Maryland is currently facing a housing shortage in excess of 120,000 units--and prices are still too high for many.
Yolanda Muckle, President of Maryland Realtors said, "Basically, you're gonna hear a lot about the missing middle, a person who's working full time they have a job, they have income, but when it comes to housing, there's really little to none and they can't afford or they can't basically get down payment assistance."
Muckle says realtors like her think reusing commercial space or adding small houses called "Accessory Dwelling Units" or ADU'S could help. She says despite the current struggles, this too shall pass, "It always changes I mean interest rates go up, interest rates go down."
