As we step into the summer of 2023, the Maryland real estate market has been an intriguing mix of excitement and challenges. The past few months have seen notable fluctuations in housing prices, inventory levels, and buyer behavior. In this blog post, we will delve into the key statistics and trends shaping Maryland's real estate market in June 2023.

Home sales in Maryland dropped substantially by 21.7% to 6,938 units in June 2023 against June 2022 sales of 8,857, according to the June 2023 Maryland REALTORS® Housing Statistics. Prices continued their climb, with the average sales price rising 2.9% to $501,346 versus last year’s figure of $487,085. The median sales price rose 1.3% to $415,148.

Units pending (houses under contract) dropped 11.7% to 6,854 from 7,758 units in June 2022. Fewer houses under contract reflects the lack of inventory, which further exacerbates the number of homes sold in the state. Leading indicators are also reflecting the slowdown, as the number of new listings declined to 7,142 from 11,076 in June 2022.

When you see a drop in units sold and new listings while prices continue to rise, it signals two things: first, consumers are being priced out of the market and second, the market desperately needs ‘missing middle housing’ that is affordable to people of moderate and lower incomes. Missing middle housing is compatible in scale with existing single-family homes but provides more diversity in home size and price points than existing homes.

June 2023 has been a noteworthy month for the Maryland real estate market. Despite the challenges posed by the inventory shortage recently, the market has shown resilience, with increasing median home prices and shifting buyer preferences. Historically low mortgage interest rates have played a crucial role in driving demand, although the possibility of rising rates may influence the market in the coming months. As we move forward, it is essential to monitor these trends and adjust strategies accordingly to navigate the ever-evolving landscape of Maryland's real estate market. Whether you're a buyer, seller, or investor, staying informed about these statistics can help make well-informed decisions in this dynamic market.