Home sales in Maryland declined year-over-year by 13.9% last month, according to new data from Maryland Realtors.
During March, a total of 5,104 units were sold in the state, down from 5,929 in March 2023. Although pending sales inched up by 2.9% during March from one year earlier, active listings were down by 19.3% and the active inventory declined by 21.9%.
Not surprisingly, the tight inventory resulted soaring prices – the average sales price in March was $473,442, up 6.3% year-over-year, and the median sales price spiked by 6.6% to $405,000.
“While the inventory situation won’t be solved overnight, we are very heartened at the recent passage of HB 538 by the General Assembly,” said Chris Hill, 2024 President of Maryland Realtors, referring to legislation designed to address Maryland’s housing shortages through the easing of restrictions on zoning and construction. “We’re very appreciative of the Maryland General Assembly and the Moore Administration for its laser-like focus on housing. This is a big plus for Maryland’s consumers and communities, which will thrive with opportunity for a diverse mix of housing for all Marylanders.”
