Maryland recorded 5,839 home sales in April, a 2.4% increase from 5,704 units one year earlier and the first year-over-year increase since August 2021, according to new data from Maryland Realtors.
The total number of units pending grew 9% to 7,112 units. However, there was a 14.6% year-over-year drop in active inventory – but that was lower than the declines in March (-21.8%) and February (-20.4%).
The average sales price last month rose 7.5% to $500,968 while the median sales price grew 5.1% to $415,000.
“Seeing the increase in sales is good news for all of us: the homeowner, the community, the local governments,” said Chris Hill, 2024 President of Maryland Realtors. “But inventory and interest rates remain huge issues. In April, months of inventory grew to 1.7 months, but a balanced market would have about six months of inventory available.”
