Are you thinking of moving to Maryland? Maryland’s housing market showed impressive growth in October 2024, with increases in sales, prices, and other key indicators. These positive trends highlight a healthy market that continues to draw in buyers and sellers despite challenges such as limited inventory. Here’s a closer look at the market’s performance.
Housing Sales See Strong Growth
Housing sales in Maryland rose significantly in October 2024, with a 7.5% increase compared to the same time in 2023. A total of 5,762 homes were sold this year, compared to 5,359 homes sold last October. This growth reflects a thriving demand for housing across the state, as more buyers are eager to enter the market despite higher home prices.
Prices Climb for Both Buyers and Sellers
The value of homes continues to rise in Maryland. The average sales price went up by 8.8%, reaching $507,408. Similarly, the median sales price, which is the midpoint of all sales, grew by 6.3%, landing at $425,000. These increases highlight not only the competitive nature of the market but also the growing value of real estate as an investment. Sellers are benefiting from higher returns, while buyers are stepping up to pay for homes in a state with increasing desirability.
Counties Leading the Charge
Certain counties stood out for their exceptional growth in sales and home prices. One county experienced a dramatic 64.3% increase in home sales, making it a standout performer. Another county wasn’t far behind, with a 45.1% rise in sales activity. When it comes to price growth, the two counties saw the largest increases. One led the way with a remarkable 37.7% jump in average sales price, while another followed closely at 32.8%. These numbers reveal not only strong demand in these areas but also rising property values that contribute to their economic vibrancy.
Homes Are Selling Quickly Despite Longer Market Times
Pending sales, which represent homes under contract, rose by 15.9% across Maryland. This increase is a promising sign of continued buyer activity, as more homes are being placed under contract compared to last year. However, homes are taking slightly longer to sell. The average number of days a house stayed on the market increased to 13 days, up from 10 days in October 2023. While this is a small shift, it indicates that buyers might be taking a little more time to finalize decisions in a market with rising prices.
Inventory Remains Tight
One of the challenges in Maryland’s housing market is the low inventory of available homes. The state currently has only 2.1 months of housing supply, far below the six months considered necessary for a balanced market. This shortage means that demand continues to outpace supply, contributing to rising home prices. Despite this constraint, the increase in sales shows that the market is still moving forward, with buyers and sellers finding ways to make transactions work.
Economic Impact of Housing
Every home sale in Maryland has a significant economic impact, estimated at $126,800 per sale. This includes spending on real estate services, moving expenses, home improvements, and other related costs. The housing market doesn’t just provide homes—it also drives economic growth in local communities. This ripple effect highlights the importance of a strong real estate market for the overall health of the state’s economy.
Resources for Buyers and Sellers
For those looking to buy or sell a home in Maryland, expert advice and resources are available to help navigate the market. A consumer-focused website offers educational tools and tips for understanding the buying and selling process. Whether you’re a first-time buyer or an experienced seller, having access to this information can make the journey easier and more successful.
The October 2024 housing statistics paint a clear picture: Maryland’s real estate market is thriving. From growing sales to rising prices, the state continues to attract buyers and boost the economy. However, challenges like limited inventory remain, underscoring the need for strategic decisions from both buyers and sellers to achieve their goals in this competitive market.