The Maryland housing market is staying strong in the beginning of 2024. Factors such as steadily high interest rates and the NAR lawsuit have done little to disrupt the fast paced market here in MD. Let’s take a look at what the data shows for the first quarter of 2024. 

Overview:

In the first quarter of 2024, home prices in Maryland were up 6.4% compared to last year, selling for a median price of $400,100. On average, the number of homes sold was down 1.4% year over year and there were 4,270 homes sold in February this year, down 4,332 homes sold in February last year. The median days on the market was 34 days, down 8 year over year.

Maryland Housing Supply:

In the first quarter of 2024, there were 14,243 homes for sale in Maryland, up 2.3% year over year. The number of newly listed homes was 5,763 and up 16.6% year over year. The average months of supply is 2 months, consistent year over year.

Maryland Housing Demand: 

In the first quarter of 2024, 38.4% of homes in Maryland sold above list price, up 4.9 points year over year. There were only 22.5% of homes that had price drops, up from 20.0% of homes in February last year. There was a 100.4% sale-to-list price, up 0.3 points year over year.

Fastest Growing MD Cities: 

• BROOKLYN PARK, MD 47.7%

• SCAGGSVILLE, MD 38.1%

• PIKESVILLE, MD 31.7%

• ROCKVILLE, MD 29.2%

• BEL AIR N., MD 28.5%

• ASPEN HILL, MD 20.8%

• MONTG. VILLAGE, MD 19.5%

• LA PLATA, MD 19.4%

• SAILSBURY, MD 18.3%

• PARKVILLE, MD 13.9%

Conclusion: 

As always, the Maryland Housing Market continues to be a competitive environment for both buyers and sellers. Demand is high and supply is still pretty low, which means a competitive market for buyers, and with housing prices continuing to rise year over year, buyers want to make sure they’re choosing the right home for their needs, which means pickier buyers and more competition for sellers. 

Working with the right agent is the best way to ensure you’re buying the right house and selling for top dollar!