2023 – Maryland Housing Market

Understanding real estate metrics is pivotal for those interested in both buying and selling properties.

In this article, we’ll delve into the recent housing data from Maryland, as presented by the Maryland Realtors Association.

Such metrics offer a snapshot of Maryland’s housing scenario, shedding light on elements like sales volumes, pricing trends, and listing durations.

The highest median sale price in April 2023 was recorded in Montgomery County, standing at $604,000. Conversely, Allegany County observed the lowest median price, which was $151,511.

Property Transactions

In the given timeframe, Maryland saw the closure of 5,456 housing deals, marking a decline of 33.8% year-over-year. Although the drop might appear sharp, it’s necessary to consider underlying market forces and external events that might have influenced these figures.

Pricing Insights

Homes in Maryland had an average sale price of $467,986, showing a marginal year-over-year growth of 0.8%. This average is derived by considering the sale prices of all homes in correlation with the sales volume¹. Meanwhile, the median sale price was recorded at $396,500, up by 1.7% from the previous year.

Properties in the Pipeline

With 6,857 units currently under contractual agreement, these homes are slated for future closures.

Current Listings and Market Movement

Maryland’s active listing count stands at 7,482 properties, encapsulating all units up for grabs. Given the present sales velocity, the projected timeframe to clear this inventory is approximately 1.2 months, suggesting an equilibrium between market supply and demand. Furthermore, the median duration for a property listing to transition to a sale in Maryland is just 7 days.

Recent Additions

The recent period saw the introduction of 6,508 new property listings, a metric that offers a view into the flux in market supply.

Maryland Property Market Outlook for 2023-2024

Over the last year, Maryland’s real estate landscape has witnessed consistent growth, with the mean property valuation currently pegged at $392,364, as per Zillow data. This marks a 2.6% upswing year-over-year. The brisk market pace is further emphasized by homes in Maryland typically receiving an offer within about 7 days.

Projected Valuations for Key Regions

Hagerstown, MD
- As of April 30, 2023: Base valuation
- Forecast for May 31, 2023: +0.3% growth
- Forecast for July 31, 2023: +0.6% growth
- Forecast for April 30, 2024: +4.1% growth

California, MD
- As of April 30, 2023: Base valuation
- Forecast for May 31, 2023: +0.4% growth
- Forecast for July 31, 2023: +0.5% growth
- Forecast for April 30, 2024: +2.2% growth
Cumberland, MD
- As of April 30, 2023: Base valuation
- Forecast for May 31, 2023: +0.6% growth
- Forecast for July 31, 2023: +0.7% growth
- Forecast for April 30, 2024: +4.1% growth
Easton, MD
- As of April 30, 2023: Base valuation
- Forecast for May 31, 2023: +0.7% growth
- Forecast for July 31, 2023: +1.1% growth
- Forecast for April 30, 2024: +3.6% growth

Cambridge, MD
- As of April 30, 2023: Base valuation
- Forecast for May 31, 2023: +0.3% growth
- Forecast for July 31, 2023: +0.6% growth
- Forecast for April 30, 2024: +4.4% growth

These value projections offer a comprehensive understanding of anticipated trends in each Metropolitan Statistical Area (MSA). These predictions derive their basis from both historical metrics and current market dynamics. However, it’s worth noting that a range of external variables, such as broader economic shifts, variations in interest rates, and unique local market phenomena can play a role in influencing these forecasted values.