ANNAPOLIS, Md. – The number of homes sold in Maryland fell 13.9% to a total of 5,104 units against 2023’s figure of 5,929, according to Maryland REALTORS®’ Housing Statistics for March 2024. The average sales price rose 6.3% to $473,442, while the median sales price rose 6.6% to $405,000. While March’s figure for units sold represents the largest drop in 2024 so far, the price for housing in Maryland continues to climb upward.

Lack of inventory continues to be the primary factor driving prices higher. Although pending sales (homes under contract) were up 2.9%, active inventory (homes available for sale) dropped by 21.9% and the number of new listings fell 19.3%. Historically, 6 months of inventory is considered a balanced market and in March, the market was limited to 1.5 months of inventory.

“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, Maryland REALTORS®. “Maryland REALTORS® enthusiastically supported this bill, and we hope it will help to close our 150,000-unit housing shortage.”

Hill added that the bill, once signed into law, would grant density bonuses and an easing of zoning restrictions on qualified housing projects in areas adjacent to transit, owned by non-profits and former government campuses. It would remove restrictions on the construction of modular housing while streamlining the development process, currently subject to excessive delays created by the public hearing process, among other things.“We’re very appreciative of the Maryland General Assembly and the Moore Administration for its laser-like focus on housing,” said Hill. “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.”

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