Maryland Housing Market Statistics. In this blog post, we will analyze the latest housing statistics for Maryland, as reported by Maryland Realtors. These statistics provide valuable insights into the current state of the housing market in the state, including information on units sold, average sales prices, median sales prices, units pending under contract, active inventory, months of inventory, median days on the market, and new listings.
Is the Maryland Housing Market Slowing Down?
The Maryland housing market is experiencing a mixed bag of trends. While it may not be crashing, it’s important to approach the market with caution and seek guidance from professionals who can help you navigate the current conditions effectively. The current statistics paint an interesting picture of the Maryland housing market.
While some figures, such as the average sales price and median sales price, have shown positive growth, others, like the number of units sold and new listings, have seen a decline. Montgomery County is the most expensive real estate market in Maryland with a median sales price of $664,720. Allegany County is the least expensive real estate market in Maryland with a median sales price of $156,113.
Housing Statistics – September 2023
- Units Sold: In September 2023, Maryland saw 5,458 units sold, which reflects a decrease of 22.6% compared to the previous year.
- Average Sales Price: The average sales price in Maryland was $474,861, marking a 5.9% increase from 2022.
- Median Sales Price: The median sales price stood at $405,500, representing a 5.3% growth compared to the previous year.
- Units Pending (Under Contract): There were 5,569 units pending in September 2023, down from 6,058 in 2022.
- Active Inventory: The active inventory in Maryland for 2023 was 9,385, a significant decrease from the 12,913 in 2022.
- Months of Inventory: The months of inventory stood at 1.6 months in 2023, unchanged from 2022.
- Median Days on Market: Homes in Maryland had a median of 8 days on the market in 2023, compared to 11 days in 2022.
- New Listings: There were 6,183 new listings in September 2023, down from 8,569 in 2022.
So, is it a good time to buy a house in Maryland? The answer is not straightforward. While the market has shown resilience in terms of pricing, there are signs of a slowdown in terms of sales volume. It’s important to consider your specific circumstances and goals when making a decision.
It’s advisable to consult with a local real estate expert who can provide insights into the micro-market trends in different Maryland regions. Factors such as location, budget, and your long-term housing plans will play a crucial role in your decision.
Maryland Housing Market Forecast 2023-2024
The Maryland housing market is undergoing dynamic changes, with data from various sources providing insights into the current state and future predictions for the market. Among the key players in tracking these trends is Zillow, offering valuable information for homeowners, buyers, and investors. Here’s a glimpse of the latest housing market forecast for Maryland:
Key Maryland Housing Market Stats
Before we dive into the forecast, let’s look at some key statistics for the Maryland housing market as of September 30, 2023:
- Average Home Value: The average home value in Maryland is $405,031, reflecting a 2.8% increase over the past year.
- Median Days to Pending: Homes in Maryland typically go pending in about 7 days, indicating a brisk and competitive market.
- Median Sale to List Ratio (as of August 31, 2023): This ratio stands at 1.002, which suggests that, on average, homes are selling very close to their list prices.
- Percent of Sales Over List Price (as of August 31, 2023): Approximately 52.7% of home sales in Maryland are going over the list price, highlighting strong demand.
- Percent of Sales Under List Price (as of August 31, 2023): About 25.9% of sales are happening under the list price, indicating some negotiation room for buyers.
Housing Market Forecast for MSAs
Zillow provides market forecasts not just for the entire state but also for different metropolitan statistical areas (MSAs) within Maryland. Here are the forecasts for several MSAs:
Baltimore, MD (MSA) – Zillow predicts a slight decrease in home values, with a forecasted change of -0.9% by September 30, 2024.
Hagerstown, MD (MSA) – The forecast for Hagerstown suggests a positive trend with a projected increase of 1.9% by September 30, 2024.
California, MD (MSA) – Zillow anticipates a minor decline in home values, with a forecasted change of -0.7% by September 30, 2024.
Cumberland, MD (MSA) – The forecast for Cumberland shows a modest increase, with a projected change of 0.4% by September 30, 2024.
Easton, MD (MSA) – Zillow predicts a healthy growth in home values, with a forecasted increase of 1.2% by September 30, 2024.
Cambridge, MD (MSA) – The forecast for Cambridge also indicates growth, with a projected change of 1.5% by September 30, 2024.
Will Home Prices Rise or Drop in Maryland in 2024?
Based on Zillow’s forecasts, it’s clear that the Maryland housing market is experiencing varied trends. While some MSAs are expected to see declines in home values, others are poised for growth. The statewide average shows a moderate increase in home values over the past year.
Whether prices will rise or drop largely depends on the specific area within Maryland. Potential buyers and sellers should keep a close watch on these forecasts, and consulting with a local real estate expert is advisable for making informed decisions. Factors like location, local economic conditions, and housing demand play pivotal roles in the real estate market’s trajectory.
In conclusion, while Maryland’s housing market is dynamic, the overall trend suggests a mix of price changes, making it essential for individuals to stay informed and work with professionals who can provide guidance tailored to their specific circumstances.
Sources:
- http://www.mdrealtor.org/News-and-Events/Housing-Statistics
- https://www.zillow.com/md/home-values/
- https://msa.maryland.gov/msa/mdmanual/01glance/html/pop.html
- https://msa.maryland.gov/msa/mdmanual/01glance/economy/html/economy.html