Low Inventory Affecting Maryland Home Prices, Says Real Estate Association
If you’re considering buying a home in 2024, there are key factors to consider. Reports from Maryland REALTORS show a national trend: households are allocating more of their budget toward housing, impacting the real estate market significantly.
The organization foresees a slow sales pace due to limited inventory, a trend likely to persist into 2024, influencing pricing based on 2023’s data. In Maryland, November 2023 witnessed a 4.5% rise in the average home price to $464,000 compared to the previous year.
Chris Hill, President of Maryland REALTORS, highlights the urgent need for housing options across various income levels, emphasizing the challenge of accommodating the ‘missing middle’—individuals earning too much for certain programs yet not enough for others.
Despite this, there’s some positive news: declining interest rates offer opportunities for buyers, while increased sales prices can offset expenses for certain sellers who possess home equity.
Hill emphasizes the importance of having a realtor’s support throughout the selling process, particularly in understanding community-specific needs, considering it an invaluable asset.
For those seeking a realtor, Hill suggests starting with personal referrals, emphasizing the significance of shared experiences in choosing the right professional for one’s home buying journey.