Maryland
Housing Market
The landscape of Maryland's housing market evolves with shifting home prices and demand. Houzeo's housing market report tracks constant changes in supply and demand across Maryland. Our report offers real-time insights to help you make informed decisions.
Overview
Supply
Demand
Buy or Sell
Market Insights
MigrationMaryland Housing Market Overview
Maryland house prices show a 4.9% YoY growth as of January 2025. The constant growth in home prices indicates the strength of the housing market. Currently, the median home price in Maryland is $406,600. The number of homes sold increased by 5.6% YoY.
You can also check the market competitiveness through median days on the market. Homes in Maryland now spend 46 days on the market before going under contract. All these metrics collectively indicate changes in the Maryland housing market's pace and affordability.
What Does It Mean for Home Buyers and Sellers?
You can also check the market competitiveness through median days on the market. Homes in Maryland now spend 46 days on the market before going under contract. All these metrics collectively indicate changes in the Maryland housing market's pace and affordability.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: Maryland house prices have climbed to $406,600, a 4.9% jump from last year. Despite the price increase, the Maryland housing market maintains its rapid pace with properties selling in an average of 46 days. This sustained demand has created intense competition among home buyers in Maryland. In this competitive landscape, your success will depend on strong, pre-approved offers.
- If You're a Seller: Your position in the current housing market in Maryland remains advantageous thanks to the steady rise in home prices. The market's health shines through with a notable 5.6% boost in sales volume. Though properties now spend 46 days on the market, buyer interest continues to thrive. To capitalize on this favorable climate, strategic pricing will help attract serious buyers.
Maryland Housing Supply
Maryland housing supply will grow as new construction expands and mortgage rates stabilize. Experts predict moderate inventory gains in 2025 if interest rates fall to 6%. Houses for sale in Maryland increased by 5.9% year over year in January 2025. Currently, there are 14,446 Maryland homes for sale available. The Maryland housing market leans towards sellers with 2 months of supply. Fewer months indicate a seller's market and more months indicate a buyer's market.
What Does It Mean for Home Buyers and Sellers?
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: The Maryland real estate market remains highly competitive for purchases. This competition stems from a tight 2-month supply of available homes. While inventory has grown by 5.9%, the market still favors sellers. January 2025 saw 4,903 new listings enter the market, yet demand outpaces supply. Quick decision-making will prove crucial to secure your desired property.
- If You're a Seller: Your property enters a Maryland housing market that strongly favors sellers. A persistent 2-month supply reflects an environment of high buyer demand. This supply constraint gives you significant leverage in negotiations. Though new listings increased by 5.2% in January 2025, it's a modest growth that maintains your market advantage. Price your home right, and you should attract multiple competitive offers.
Maryland Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell for more than the list price, it shows strong buyer competition and high demand. A decline suggests more supply. Tracking this trend helps you gauge market competitiveness.
31.2% of Maryland homes for sale sold above the list price in January 2025. Price drops increased slightly from last year, with 24.1% of homes with price drops. The 99.8% sale-to-list price points to bidding wars and lower price flexibility for home buyers in Maryland.
What Does It Mean for Home Buyers and Sellers?
31.2% of Maryland homes for sale sold above the list price in January 2025. Price drops increased slightly from last year, with 24.1% of homes with price drops. The 99.8% sale-to-list price points to bidding wars and lower price flexibility for home buyers in Maryland.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: The Maryland housing market shows subtle shifts in your favor. The percentage of homes selling above the list price dropped by 2 points this January. More sellers are adjusting their expectations, with 24.1% of homes seeing price drops. The sale-to-list price ratio now sits at 99.8%, indicating some room for negotiation.
- If You're a Seller: Your property has strong market value in Maryland. Though fewer homes are selling above the list price compared to last year, 31.2% still exceed the asking price. The current sale-to-list ratio of 99.8% shows buyers are willing to pay near full price. While price reductions have increased to 24.1%, strategic pricing remains crucial. A well-priced home will attract competitive offers in the current market.
Is it a Buyer's or Seller's Market in Maryland?
Strong
Buyer
Buyer
Balanced
Seller
Strong
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Buyer’s Market
Seller’s Market
Seller: Housing demand exceeds supply and drives the prices up. Homes sell fast and get multiple offers from buyers.
Is it a Buyer's or Seller's Market in Maryland?
Maryland's housing market continues to favor sellers in January 2025. This advantage reflects in the median price, which rose 4.9% to $406,600. The strong demand drove sales by 5.6% this January. A 2-month supply reinforces the seller-friendly conditions. However, these market dynamics suggest sustained buyer interest despite rising prices.
The market also holds opportunities for buyers. 24.1% of homes are seeing price reductions, a trend that's growing by 1.3 points YoY. Maryland houses for sale also spend more time on the market, at a median of 46 days. The sale-to-list price ratio has edged down to 99.8%. Yet, the limited inventory preserves sellers' overall market advantage.
Maryland Housing Market Insights
The Maryland real estate market is less competitive compared to the nationwide market. Although house prices in Maryland are rising constantly, the growth rate is average. The median home price in Maryland ($406,600) is less than the national median of $418,489. The trend of Maryland house sales largely point towards a seller's market. Currently, there are 14,446 homes for sale in the Free State.
Housing markets like Catonsville and Riverside are hot markets due to high competition. Homes in such cities spend an average of 26-41 days on the market, and sell for about 2% above their list price. The Maryland housing market forecast for 2025 suggests continued growth in most regions in the state. Overall, the Maryland housing market favors home sellers. If you plan on buying a property here, you must consider the cost of living, property taxes and insurance costs.
Housing markets like Catonsville and Riverside are hot markets due to high competition. Homes in such cities spend an average of 26-41 days on the market, and sell for about 2% above their list price. The Maryland housing market forecast for 2025 suggests continued growth in most regions in the state. Overall, the Maryland housing market favors home sellers. If you plan on buying a property here, you must consider the cost of living, property taxes and insurance costs.
Nationwide Migration Trends
Maryland experienced significant outbound migration during the winter of 2024. From November 24 to January 25, over 8,000 residents searched for out-of-state homes. Many Marylanders chose the urban areas of New York, Texas, and North Carolina as destinations. High living expenses and high crime rates in certain areas of the state pushed families toward other markets.
This migration pattern reflects the broader differences in the national cost of living index. Other states in the South and Midwest offer living costs up to 40% lower than Maryland's.
This migration pattern reflects the broader differences in the national cost of living index. Other states in the South and Midwest offer living costs up to 40% lower than Maryland's.
Frequently Asked Questions
How have home prices changed in Maryland over the past years?
Average home prices in Maryland have continued to rise over the past years, driven by high demand and low inventory. The median home price in Maryland has increased at an average growth rate of 4.9%, with some regions seeing double-digit percentage growth. You can check your home's fair market value with a free home value estimator.
Are housing prices dropping in Maryland?
No, Maryland house prices aren't dropping broadly, but they show varied local trends. Statewide prices rose 4.9% YoY in January 2025. Markets like Pikesville and Bethesda saw significant gains. Experts forecast sustained growth in 2025, though the rise in homes for sale in Maryland may moderate prices in overvalued areas.
What's the average home price in Maryland?
The average house price in Maryland varies depending on location, size, and market conditions. It typically ranges from $270,100 for condos to $490,000 for single-family homes.
What is the Maryland housing market forecast for 2025?
The Maryland housing market is expected to stabilize in 2025, with steady price growth and rising mortgage rates. The inventory of Maryland houses may increase enough to stabilize or slow down the price growth.
What is the average mortgage rate for home buyers in Maryland?
The average mortgage rate for home buyers in Maryland fluctuates between 6.16% and 6.69%. When you apply for a mortgage, make sure to check your credit score and the current mortgage rates with lenders.
How does the Maryland housing market compare to the national market?
The Maryland housing market demonstrates stronger performance than the national market, as evidenced by the robust price growth and active sales numbers. The state's tight 2-month supply indicates intense market competition. These conditions maintain Maryland's position as a seller's market.
Is now a good time to buy or sell a home in Maryland?
It depends on the current trends in housing prices and inventory in your city. Sellers can benefit from high demand and rising prices. However, if mortgage rates are stable with more than 6 months of supply, it's the best time to buy a house in Maryland.
Which are the best places to buy a house in Maryland?
Cumberland and Baltimore emerge as top choices for value-seeking buyers in Maryland. These cities offer median home prices well below the state average of $406,600. Both cities rank among the cheapest places to live in Maryland, alongside other promising locations for budget-conscious homebuyers.
Is the housing market going down in Maryland?
It's implausible that the Maryland market will crash. Prices are projected to experience sustained growth through 2025. Home prices in the state will grow along with the housing demand.
Is Maryland expensive to live in?
Maryland ranks as the seventh most expensive state in the US for living expenses. Maryland's cost of living runs 19.5% above the national average. Housing costs contribute significantly to this expense. However, areas like Cumberland and Baltimore offer more affordable alternatives to the state's high-cost regions.
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