Maryland Home Sales Update

Interest rates are on a bit of a roller coaster ride. We saw interest rates drop last month and this month the news is forecasting rates to increase again. Even though the interest rates are changing daily, the housing market is still strong in our area. Houses are staying on the market for about 21 days and there are about 700 less houses available to purchase from last year at this same time.

Houses are going under contract within about 21 days. This is up 10 days from a year ago at this same time and up 5 days since December. This is pretty normal for this time of year while we are in the heart of winter.

New listings are down over this same time last year with 5,845 new listings vs 6,506 in 2022. This decline has been consistent over the last 13 years.

The median sales price was $360,000, an increase of 1.6% over last year. The average sales price increased to $419,587, an increase of 2.3% over last year at this time.

Active listings are down -1% (7,793 this year compared to last year with 7,921 listings last year.)

Pending listings are down -16% (5,332 this year compared to last year with 6,383.)

Months of Inventory is 1.1 this year when compared to last year at 0.9. Meaning there was about one month of inventory available to purchase in the state of Maryland as of last month.

Bottom Line:

The Baltimore regional area has not had enough houses for sale for over 13 years straight. More buyers continue to move into the area because we have excellent employment opportunities but there aren't enough houses to satisfy the number of buyers waiting to purchase their next home.

This is the time to get your house ready to list as we enter the spring market. Regardless of the interest rates, there are buyers who need to find a home to buy or rent.

If you are thinking about buying, this is the time to get ready so you can move fast.

  Make sure to work with a lender to get pre-approved for your mortgage before going shopping for a home.

  Don't go it alone! Get a Realtor to represent your interests - they know the market and the negotiating tips and tricks to get your bid to the top of the pile! 

Not sure where to start? Give us a call at 443.489.5225 or reply to this email and we'll be happy to help you get started!