Maryland Housing Market Overview - November 2024

The Maryland housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Maryland stands at $432,300, reflecting a slight decrease of 0.4% compared to the previous year. This decline in sales price is accompanied by a more significant drop in the Median List Price, which is now $406,900, down by 3.5% year-over-year. Despite these decreases, the median Price Per Square Foot has increased by 3.9%, reaching $219, while the Median List Price per square foot has risen by 6.3% to $225.

In terms of sales activity, the number of Homes Sold has increased by 4.6% year-over-year, totaling 5,192 units. Pending Sales have also seen a rise, with a 5.4% increase, reaching 5,720. However, New Listings have decreased by 2.0%, with 5,209 properties entering the market. Inventory levels have grown by 8.1%, now at 11,326 homes, contributing to a 10.0% increase in the Months of Supply, which currently stands at 2.20 months.

The Median Days on Market for homes in Maryland is now 34 days, marking a 5.0% increase from the previous year. The average sale to list ratio remains relatively stable at 100.4%, with a slight year-over-year increase of 0.1%. The percentage of Homes Sold above list price has decreased marginally by 0.3%, now at 38.0%. Price Drops have become slightly more common, with a 0.4% increase, affecting 28.3% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 3.2%, now at 39.5%.

Overall, the Maryland housing market in November 2024 exhibits a blend of rising and falling trends. While sales activity and inventory levels are on the rise, price metrics show mixed signals, with some increases in Price Per Square Foot and decreases in overall sales and list prices. These dynamics suggest a market that is adjusting to changing conditions, with potential opportunities for both buyers and sellers.