ANNAPOLIS, Md.—Maryland housing sales in June dropped 12.3% to 6,282 units, versus 7,159 units sold in 2023, according to the Maryland REALTORS®’ June 2024 Housing Statistics. At the same time, units pending (houses under contract) rose 6.7%. The average sales price rose 5.3% to $525,602, while the median sales price grew 5.1% to $436,000.
Despite lackluster housing sales, units pending have been exceeding 2023’s numbers for the last few months. While inventory remains at historic lows, over the last few months it has been steadily increasing. In June 2024, 1.9 months of inventory were available—an improvement, but still months away from what would be considered a balanced market.
”While the trend in pending sales is a positive sign, the market remains a challenge for buyers,” said Chris Hill, 2024 President, Maryland REALTORS®. “Especially in markets such as this, buyers and sellers understand the value a REALTOR® provides to help the home go from ‘for sale’ to ‘sold.’”
“On the path to buying and selling a home, there are twists and turns one might not expect. Being an educated consumer is critical. This is one of the reasons we created MarylandHomeownership.com,” said Hill. MarylandHomeownership.com is an information-rich site that offers useful content that explains every step of the homebuying or selling process on a site free of any sales pitches. “It’s all about education and guidance. This website will help you along your path, while your REALTOR® can help you one-on-one, addressing your unique needs.”
