14 March February 2024 Housing Stats by Jacky Mueck Membership 0 0 Comment 1043 Maryland Homes Sales Fall 4.8% as Housing Prices Continue Their Climb in Maryland REALTORS®’ February 2024 Housing Stats. ANNAPOLIS, MD—March 14, 2024—Homes sold in Maryland dropped 4.8% to a total of 4,241 units against 2023’s figure of 4,456, according to Maryland REALTORS®’ Housing Statistics for February 2024. The average sales price rose 5.2% to $455,070, while the median sales price rose 6.2% to $400,000. Lower interest rates, currently at 6.88%, have encouraged some to enter the market. This is reflected in an increase in pending units (houses under contract), which rose 6.6% in February. By another measure—months of inventory—supply remains tight at 1.4 months. Historically, 6 months of inventory is considered a balanced market. The number of new listings dropped 2.9% in February, further reflecting the reality that housing affordability and availability remain a challenge for Marylanders of moderate and lower incomes. “REALTORS® have been busy,” said Chris Hill, 2024 President, Maryland REALTORS®. “As we engage sellers and buyers in this challenging market, we’ve also been hard at work in Annapolis, putting our support behind the Housing Expansion and Affordability Act that is working its way through the General Assembly. This legislation will help to house more Marylanders, and in helping Marylanders as such, it will help to drive this state’s economy.” Maryland REALTORS® conducted an independent survey of Maryland voters in January 2024 regarding their concerns on housing issues. You can review the topline results here. Greater Greater Washington recently published its survey of Maryland voters about a range of issues, including housing. This new survey reinforced many of the opinions found in Maryland REALTORS® survey: 81% of Marylanders say that housing has gotten less affordable in their community 77% support the construction of more homes in different styles and price ranges in more places 72% agree that it’s time for the State to take a more proactive approach You can find the complete results from Greater Greater Washington’s new survey here. Download February 2024 Housing Statistics Download February 2024 Housing Infographic February 2024, HOUSING STATS Share Comments are closed.