24 June May 2024 Housing Stats by Jacky Mueck Membership 0 0 Comment 363 Maryland Homes Sales Drop 3.4% in Maryland REALTORS®’ May 2024 Housing Statistics ANNAPOLIS, MD—June 18, 2024—Maryland housing sales in May dropped 3.4% to 6,627 units, versus 6,860 units sold in May 2023, according to the Maryland REALTORS®’ May 2024 Housing Statistics. At the same time, average sales price rose 6.0% to $514,062, while the median sales price grew 4.6% to $430,000. Units pending (houses under contract) grew 2.1% in May 2024 to 7,094 units. While active inventory is down 6.7%, this remains a smaller gap than April 2024, which fell 14.6% and March 2024, which fell 21.8%. “The housing stats for May read like a spring housing market in the midst of an inventory crisis,” said Chris Hill, 2024 President, Maryland REALTORS®. “Pending units are up 2.1%, and yet overall sales are down 3.4%. Of the homes that are on the market, they’re gone in seven days, at ever-increasing prices.” Six months of inventory is often considered a balanced market. In 2024, Maryland had 1.8 months of inventory available. “Adding new inventory, especially ‘middle housing,’ will help to ease this housing crisis while making housing more affordable,” said Hill. “We need every county in this state to explore how they can add this sort of housing to their communities, for their citizens, of course, but for their local economies, as well.” # # # Maryland REALTORS® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information. Download May 2024 Housing Statistics Download May 2024 Housing Infographic Housing Stats, May 2024 Share Comments are closed.