Maryland Housing Market Analysis - July 2024
The Maryland housing market in July 2024 presents a nuanced picture with various indicators showing both positive and negative trends. This analysis delves into the key metrics to provide a comprehensive overview of the current state of the market.
Median Sales and List Prices
The median sales price for homes in Maryland stands at $446,000, reflecting a slight decrease of 1.4% year-over-year (YoY). Similarly, the median list price has also seen a decline, now at $428,700, which is down by 3.4% YoY. These declines suggest a cooling in the market, potentially offering opportunities for buyers to negotiate better deals.
Price Per Square Foot
Despite the drop in median sales and list prices, the median price per square foot has increased to $225, marking a 4.7% rise YoY. The median list price per square foot has also seen a similar increase of 4.5% YoY, indicating that while overall prices may be down, the value per unit area has appreciated. This could be indicative of higher quality or more desirable properties being sold.
Sales and Inventory
The number of homes sold in July 2024 is 6,406, which is a significant increase of 7.7% YoY. Pending sales have also risen to 7,003, up by 1.9% YoY. New listings have seen a modest increase of 2.9% YoY, totaling 7,026. Inventory levels have surged to 11,068, a substantial 13.8% increase YoY. The months of supply, which measures how long it would take to sell the current inventory at the current sales pace, is now at 1.70 months, up by 10.0% YoY. These figures suggest a more balanced market with increasing supply meeting rising demand.
Market Dynamics
The median days on market for homes in Maryland is 25 days, which is a 5.0% increase YoY. This indicates that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio is 100.8%, down by 0.6% YoY, suggesting that homes are selling very close to their list prices. However, the percentage of homes sold above list price has decreased to 44.9%, down by 2.6% YoY, indicating a slight shift in negotiating power towards buyers.
Price Adjustments and Off-Market Trends
The percentage of price drops has increased to 31.4%, a 6.5% rise YoY, suggesting that sellers are more frequently adjusting their expectations to meet market conditions. Additionally, the percentage of homes going off-market within two weeks has decreased to 51.9%, down by 5.6% YoY, indicating that homes are staying on the market longer before being sold or withdrawn.
Conclusion
In summary, the Maryland housing market in July 2024 shows a mix of trends. While median sales and list prices have seen slight declines, the price per square foot has appreciated. Sales activity is robust with increases in homes sold, pending sales, and new listings, while inventory levels have also risen significantly. Market dynamics indicate a slight shift towards a more balanced market, with homes taking longer to sell and more frequent price adjustments. These trends suggest that both buyers and sellers need to be well-informed and strategic in their approach to navigate the current market conditions effectively.
