Maryland Housing Market Sees a Boost: What 4.2% Growth Means for You
The numbers don't lie—Maryland’s housing market is on the rise, and it's time to take notice.
Maryland's housing market is making waves, with home sales in July 2024 up by 4.2% compared to last year. This surge, reported by the Maryland REALTORS®’ July 2024 Housing Statistics, isn’t just a blip on the radar; it’s a sign of a market gaining momentum. With interest rates dipping slightly and homes under contract increasing by a remarkable 8.8%, the market is ripe with opportunity. But what does this mean for you as a potential buyer or seller? Let’s dive into the data and uncover how these trends can work to your advantage.
1. Maryland Home Sales Are Climbing—Here’s Why It Matters
The 4.2% increase in home sales isn’t just a statistic; it’s a reflection of growing confidence in the Maryland housing market. With 6,462 homes sold in July 2024, compared to 6,204 units last year, more buyers are finding the home of their dreams. Why does this matter to you? It’s simple—if you’re thinking about selling, now is the time to act. Buyers are out there, and they’re serious. But don’t wait too long; competition among sellers will start heating up as more people jump on the bandwagon.
Pro Tip: Consider listing your home before the market becomes saturated. It’s all about timing, and right now, the timing couldn’t be better.
2. Interest Rates Are Dropping—How This Impacts Your Buying Power
Interest rates are inching down, and that’s great news if you’re in the market to buy. On July 3, the Freddie Mac 30-year fixed-rate mortgage was 6.95%; by August 1, it had dipped to 6.73%. Even a small drop in interest rates can significantly affect your buying power, potentially saving you thousands over the life of your loan.
Did You Know? A lower interest rate can make a big difference in your monthly mortgage payments, allowing you to afford more house for your money. So, if you’ve been on the fence about buying, now might be the time to take the plunge.
3. Inventory Is Low but Growing—What This Means for Buyers and Sellers
The lack of inventory has been a hurdle for would-be homeowners, but there’s a silver lining. While inventory remains low at 1.9 months, it has been steadily increasing since December 2023, when it was just 1.4 months. For buyers, this means more options on the market. For sellers, it means a competitive edge if you move quickly.
Warning: Low inventory can create bidding wars, driving up prices and potentially pushing buyers out of their comfort zone. Be prepared to act fast if you find the right property.
4. Transparency in Real Estate—How Maryland Is Leading the Way
Transparency in real estate transactions is crucial, and Maryland is ahead of the curve. Following the National Association of REALTORS®’ Settlement in the Burnett v. NAR case, Maryland implemented changes on August 14, 2024, to enhance transparency. This is not just good news for consumers, but also for REALTORS® who can clearly demonstrate the value they bring to every transaction.
Take Action: Visit MarylandHomeownership.com for resources to help you navigate the buying or selling process with confidence. It’s an excellent tool for staying informed and empowered.
My Final Thoughts:
Maryland’s housing market is more dynamic than ever, with sales up, interest rates dropping, and inventory gradually increasing. Whether you're buying or selling, these trends present opportunities that you shouldn’t miss. As a seasoned real estate professional, I’m here to help you navigate these exciting times. If you or anyone you know is thinking about making a move in this evolving market, don’t hesitate to reach out. Let’s make the most of these favorable conditions and find the perfect home or buyer for you. After all, the market waits for no one—so why should you?
Source: MDRealtor.org
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Dan McDevitt
Cummings & Company Realtors
Team Leader Realvolution Homes Group
