Maryland Homes Sales Grew 4.2% as Houses under Contract Continue their Rise
ANNAPOLIS, MD—August 15, 2024—Maryland housing sales in July rose 4.2% to 6,462 units, versus 6,204 units sold in 2023, according to the Maryland REALTORS®’ July 2024 Housing Statistics. At the same time, units pending continued their rise, with 6,680 houses under contract, an 8.8% increase from last year. The average sales price rose 5.7% to $512,266, while the median sales price grew 5.3% to $432,800.
July’s steady lowering of interest rates has helped with sales. On July 3, the Freddie Mac 30-year fixed rate mortgage stood at 6.95%; by August 1 it had dropped to 6.73%. Lack of inventory continues to be one of the biggest hurdles to homeownership, and while it remains low at 1.9 months, it has been steadily increasing since December 2023, when it stood at 1.4 months.
Contact me if you have any questions about the 2024 Housing Market.
George Brookhart - (240) 295-6015 or [email protected]
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