Maryland Housing Market Analysis - September 2024
The Maryland housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Maryland stands at $431,300, reflecting a slight decrease of 1.2% year-over-year (YoY). In contrast, the Median List Price has increased by 3.7% YoY, reaching $436,500. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.
Examining Price Per Square Foot, the median price is $223, marking a modest increase of 1.9% YoY. Meanwhile, the Median List Price per square foot has risen by 5.4% YoY to $229. This indicates that while sellers are optimistic about pricing, buyers are more cautious, leading to a slower appreciation in actual sales prices.
In terms of sales activity, 5,400 homes were sold in September, a decline of 2.4% YoY. However, Pending Sales have increased by 7.6% YoY, totaling 6,355. This uptick in Pending Sales suggests a potential rebound in future closed transactions, possibly driven by the increased inventory, which has grown by 12.6% YoY to 11,797 homes. New Listings have also seen a rise of 3.5% YoY, reaching 6,700, indicating a more active market with more options for buyers.
The Months of Supply, a critical indicator of market balance, has increased significantly by 30.0% YoY to 2.20 months. This increase suggests a shift towards a more balanced market, moving away from the seller's market conditions that have prevailed in recent years. The Median Days on Market have increased by 6.0% YoY to 30 days, further indicating a cooling in the pace of sales.
The average sale to list ratio is 100.4%, slightly down by 0.4% YoY, suggesting that homes are selling very close to their list prices, albeit with a slight decrease in competitiveness. The percentage of Homes Sold above list price has decreased by 3.1% YoY to 40.3%, reflecting a reduction in bidding wars and aggressive offers.
Price Drops have increased by 2.7% YoY, with 29.8% of listings experiencing reductions, indicating that sellers are adjusting expectations to align with market realities. Additionally, the percentage of homes going off market in two weeks has decreased by 4.0% YoY to 48.1%, suggesting a slower pace in buyer decision-making.
Overall, the Maryland housing market in September 2024 is characterized by a mix of stabilizing prices, increased inventory, and a more balanced supply-demand dynamic. While some metrics indicate a cooling market, others suggest potential for future growth, particularly with the rise in Pending Sales and New Listings. Buyers and sellers alike should remain informed and adaptable to navigate this evolving market landscape.
