Maryland Housing Market 2024: Trends & House Prices
Maryland's housing market is hotter than ever—don't wait to jump in!
As we dive into 2024, the Maryland housing market is showing no signs of cooling down. With prices on a steady rise and homes selling faster than ever, it's a dynamic time for buyers, sellers, and investors. In this blog, I'll explore the current trends, rising house prices, and predictions for Maryland's real estate landscape. Whether you're looking to buy your dream home or sell for top dollar, understanding these market dynamics is crucial. Let's delve into the key factors driving this market and what it means for you.
Rising Home Prices
Maryland’s housing prices have been steadily increasing, and in 2024, they continue to rise by approximately 2.5% per quarter. This trend is fueled by a combination of strong demand and limited inventory.
Actionable Tip: If you're considering selling your home, now is a prime time to list it. Buyers are eager, and competitive offers are the norm.
With the average sales price in Maryland now at $486,385, sellers can expect significant returns. However, buyers should be prepared for a competitive market where homes often sell above the asking price.
Limited Inventory
The number of available homes in Maryland has decreased sharply. As of July 2023, new listings were down to 6,491 compared to 9,900 the previous year. This scarcity drives up prices and quickens sales.
Relevant Stat: Homes in Maryland are on the market for an average of just seven days before going pending.
This low inventory means buyers need to act fast. If you find a home you love, hesitate and it could be gone.
Hot Markets and Quick Sales
Certain areas in Maryland, especially near Baltimore and Washington D.C., are experiencing rapid growth. Cities like Elkridge and Montgomery Village have seen price increases of 28.8% and 27.1%, respectively.
Mistake to Avoid: Don't wait too long to make an offer in these hot markets. With homes selling faster than ever, hesitation can lead to missed opportunities.
These markets are competitive, with many homes receiving multiple offers. Buyers need to be prepared with pre-approvals and ready to act quickly.
Lender Incentives
To combat rising interest rates, many lenders in Maryland are offering incentives like buydown programs and free refinancing options. These programs are designed to make home buying more affordable in the short term.
Interesting Fact: Some lenders offer to refinance your mortgage for free if rates drop within a specific period.
These incentives can make a significant difference in your monthly payments, making it a bit easier to manage the higher home prices.
Future Predictions
Looking ahead, the Maryland housing market is expected to remain strong. While interest rates may flatten, the demand for homes is unlikely to decrease. The state is projected to add 178,000 new households by 2030, especially in the Baltimore and Washington D.C. suburbs.
Quote: "The fall market in the Mid-Atlantic will be characterized by low inventory, stable or rising home prices and growing affordability challenges." — Bright MLS
Even with these challenges, the market offers opportunities for both buyers and sellers. Understanding the trends and being prepared can help you navigate this competitive landscape.
Conclusion
The Maryland housing market in 2024 is defined by rising prices, limited inventory, and rapid sales. For sellers, this is a golden opportunity to get top dollar for your home. Buyers, while facing a competitive market, can still find great deals with the right strategy and lender incentives. Staying informed and ready to act quickly is key in this dynamic market.
If you have any questions about buying or selling a home, or if you know someone who might need assistance, don't hesitate to reach out. As always, I'm here to help you navigate the Maryland housing market and achieve your real estate goals.
For more insights and updates on the Maryland housing market, visit Realvolution Homes and feel free to contact me for personalized advice. Happy house hunting!
Source: Forbes
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Dan McDevitt
Cummings & Company Realtors
Team Leader Realvolution Homes Group
