Home sales in Maryland totaled 6,627 units in May, a 3.4% decline from the 6,860 sales recorded one year earlier, according to new data from Maryland Realtors. This occurred while the level of units pending (houses under contract) grew by 2.1% to 7,094 units.
While sales were down, year-over-year increases were record for the average sales price ($514,062, up 6%) and the median sales price ($430,000, up 4.6%). The state’s active inventory was down by 6.7% from one year earlier,
“The housing stats for May read like a spring housing market in the midst of an inventory crisis,” said Chris Hill, 2024 president of 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.”
Hill continued, “Adding new inventory, especially ‘middle housing,’ will help to ease this housing crisis while making housing more affordable. 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.”
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