ValcoMD Market Conditions Update Baltimore / Washington DC Metros:
April 2026 Housing Market Update: The DC Metro median sales rose but at a lower rate of 1.6% to $635,000, showings up 2.8% and pending sales increased 5.3%, closed sales gained 5.2%, active inventory increased 4.6%, new listings fell 5.9%, months of supply continues to grow at 2.10, and days on market was a very low 11 given 60+ days of supply.
The Baltimore Metro median sales price also rose 5.3% at $400,000, pending sales rose 2.3%, all else was negative as closed sales fell 0.4%, active inventory popped 12.1%, new listings fell 4.1%, months of supply increased to 1.99, and days on market upped to 17.
Stats within Maryland for March 2026 vs 2025 which saw $430,000 median SP$ increase 1.6%, pending sales grew from 6,319 to 6,870, active inventory dramatically fell from 16,294 to 12,762, new listings also declined from 9,482 to 7,145, closed sales fell from 5,097 to 4,874, months of supply fell to 2.3, and day on market is at 18.
Our local market can best be described as cautious. Spring buyers are returning but micro and macro factors (economy concerns, fuel prices, interest rates, etc.) keep many buyers as observers supported by new listings outpacing new pending sales. The local markets are inconsistent as supported by the Counites above but further evidenced by development and neighborhood variances. A concerning statistic is approximately 13.4% (highest % on record) of contracts are being cancelled. This is regionalized with San Antonio, TX at 18.7% and Nassau County (Long Island), NY at 3.5%. Sellers must understand that sold does not mean closed. We have seen new home builders aggressively soliciting buyers and agents with hefty incentives and increased selling commissions. Our observations corroborate that market priced homes sell very fast while others stay on the market for extended periods then requiring market adjustments to create demand; however, many buyers and agents view these homes as “stale” and have difficulty in attracting the same interest as “new listings”. I just returned from the ACTS appraisal conference where the mood can best be described as temperate. For the first time since 2022, the monthly UCDP appraisal volume to appraiser ratio exceeded 10:1. This ratio peaked at approximately 20:1 in 2020. The highest volume states for appraisals per appraiser were Nevada, Utah, and Texas while Washington DC, Vermont, and N Dakota were the lowest. UCDP shows an approximate 28% decline in the number of appraisers since 2016. Many at the conference felt this was attributed to a mix of aging demographics, new technologies, and appraisal waivers. This could be a good sign for new licensees as demand per appraiser appears to be increasing in most markets. Also, there is a push to standardize qualifications for appraisers as individual States set the final criteria where there are significant inconsistencies. Many technology changes are coming for the appraisal profession in 2026 with UAD 3.6 and modernization focus. We are ready for 3.6, having made invasive time-consuming changes in technology, workflow, and mobile capabilities for our business. We have completed 90%+ and are a better and more efficient appraisal company for it. We are ready for 3.6 and expect to hire in Q2/Q3 for anticipated increased opportunities.
Source: Bright MLS and Associated State, Local RE Boards, Natl Assn of Appraisers, Freddie Mac, MtgeFi, Appraisal Foundation, WRE News, Redfin April 26, 2026
The GSEs announced that they will require appraisals to contain a Market Area analysis to support time adjustments and market conditions in Q1 2025. This does NOT have to be complex or time consuming, but that does not minimalize its importance. We have been providing similar information in every report since 2020 (see below). We are not statistical or analytics experts. However, one of the most important roles of the local appraiser is to provide data and comment on local market stats and trends. A robot can pull the data and provide the stats, but only the local pro can reconcile the data and guide the reader to see the issue(s). A doctor returning an x-ray or scan from a technician, and not providing an interpretation is worthless to the patient.