Maryland Housing Market Statistics. Keeping track of housing statistics is essential for both buyers and sellers in the real estate market. 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.
Montgomery County was the most expensive real estate market in Maryland with a median sales price of $604,000 in April 2023. Allegany County was the least expensive real estate market in Maryland with a median sales price of $151,511 .
Units Sold
The number of units sold in Maryland in the specified period was 5,456. This represents a decrease of 33.8% compared to the previous year. While the decrease may seem significant, it's important to consider various factors such as market conditions and external influences that can impact sales volume.
Average Sales Price:
The average sales price for homes in Maryland was $467,986. This indicates a slight increase of 0.8% compared to the previous year. The average sales price is calculated by taking into account the prices of all homes sold in the county, weighted by the number of homes sold. It provides a general understanding of the overall price trend in the market.
Median Sales Price:
The median sales price for homes in Maryland was $396,500. This indicates a slight increase of 1.7% compared to the previous year. The median price represents the middle value of all home prices sold in the specified period. It indicates that half of the sold homes were priced above this value, while the other half were priced below it.
Units Pending (Under Contract):
The number of units pending under contract in Maryland is 6,857. These units are currently under contract and are expected to settle in the future. This figure provides insight into the level of activity in the market and indicates the number of potential future sales.
Active Inventory and Months of Inventory:
The active inventory in Maryland stands at 7,482 units. This includes the units that remain on the market and are available for purchase. Months of inventory refers to the estimated number of months it would take to sell the current inventory, based on the current sales pace. In Maryland, the months of inventory is 1.2, indicating a relatively balanced market where supply and demand are relatively equal.
Median Days on Market:
The median days on the market for homes in Maryland is 7. This metric represents the median number of days it takes for a home to go from being listed to being sold. A lower median days on the market suggests a faster pace of sales and a potentially competitive market.
New Listings:
In the specified period, there were 6,508 new listings in Maryland. This figure represents the number of newly listed homes that became available for sale. New listings provide insights into market activity and can indicate changes in supply levels.
Maryland Housing Market Forecast 2023-2024
The Maryland housing market has experienced steady growth over the past year, with the average home value currently standing at $392,364 (Zillow). This reflects a 2.6% increase compared to the previous year. Additionally, homes in Maryland tend to go pending in approximately 7 days, indicating a fast-paced market with high demand.
- Typical Home Values: $392,364
- 1-year Value Change: +2.6%
- (Data through April 30, 2023)
The forecast for the Maryland housing market provides insights into the expected performance of various Metropolitan Statistical Areas (MSAs) within the state. Let's take a look at the forecasted values for select regions:
Baltimore, MD MSA:
Base Date: April 30, 2023
May 31, 2023 Forecast: 0.6% increase
July 31, 2023 Forecast: 0.7% increase
April 30, 2024 Forecast: 2.2% increase
Hagerstown, MD MSA:
Base Date: April 30, 2023
May 31, 2023 Forecast: 0.3% increase
July 31, 2023 Forecast: 0.6% increase
April 30, 2024 Forecast: 4.1% increase
California, MD MSA:
Base Date: April 30, 2023
May 31, 2023 Forecast: 0.4% increase
July 31, 2023 Forecast: 0.5% increase
April 30, 2024 Forecast: 2.2% increase
Cumberland, MD MSA:
Base Date: April 30, 2023
May 31, 2023 Forecast: 0.6% increase
July 31, 2023 Forecast: 0.7% increase
April 30, 2024 Forecast: 4.1% increase
Easton, MD MSA:
Base Date: April 30, 2023
May 31, 2023 Forecast: 0.7% increase
July 31, 2023 Forecast: 1.1% increase
April 30, 2024 Forecast: 3.6% increase
Cambridge, MD MSA:
Base Date: April 30, 2023
May 31, 2023 Forecast: 0.3% increase
July 31, 2023 Forecast: 0.6% increase
April 30, 2024 Forecast: 4.4% increase
These forecasts indicate the expected percentage changes in home values for each respective MSA. It's important to note that these are projections based on historical data and current market trends, and they may be subject to change based on various factors such as economic conditions, interest rates, and local market dynamics.
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
