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March 2024 MARYLAND Housing Statistics

By
Real Estate Broker/Owner with Mackintosh REALTORS 82894

The inventory picture is improving and the results from Bright MLS’s most recent survey show that nearly two out of five listings were from a seller who was probably not turning around and buying another home.
According to agents surveyed, 61.9% of homes sold in March were primary residences, suggesting a seller who might be in the market to buy. However, the other listings that were added to the inventory were not primary residences. For example, 14.3% of homes sold in March were rental properties. Another 13.5% were estate sales, or the sale of a property whose owner had passed away. Second homes, vacation homes, investment properties, builder sales, foreclosures, and short sales were also part of the inventory of sellers who probably were not buyers.
 
The Bright MLS survey also revealed that even some people selling a primary residence are not buying another home. A seller could move into the home of a new spouse or family member, become a renter, or move into a second home or vacation property. According to survey data for the first quarter of 2024, 47.5% of agents who worked with a seller listing their primary residence indicated that their seller was not in the market to purchase another home. People selling for health reasons were typically not buying—nearly eight out of 10 were not in the market to purchase another home. These may be individuals moving into assisted living or nursing facilities.
 
Affordability challenges and mortgage rates continue to be the most common deterrents that keep many buyers on the sidelines. While there is more inventory coming onto the market the pent-up demand of buyers are still feeling the pain of bidding wars in many areas.

 

As we navigate the impending changes in the real estate industry. We understand that changes can be concerning to many, but please know that we are here as a trusted source to help navigate these changes effectively.
 
Whether you're seeking to better understand the current market or are considering a move I invite you to contact me to discuss your real estate needs.
 
                       CALL / TEXT  (301)748-3696
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much, Buzz, for sharing this report.

Enjoy the weather and have a great day.

Apr 20, 2024 06:52 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Interesting market trends Buzz. Looks like your market is holding its own for sure.

Apr 20, 2024 06:55 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Buzz,

I like the added details you provided, not usually provided in Market Reports concerning percentages of sellers and if they are planning on purchasing another home. Lots of changes in the real estate landscape and you are available to help those in your area. 

Apr 20, 2024 07:31 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning,  Buzz... as always, an easy to read and understand market report from you!

Apr 20, 2024 08:06 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Buzz Mackintosh  I know many seniors who sold their homes and either already own another or have decided to rent. Good market report 

Apr 20, 2024 08:22 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Buzz - adding your thoughts increases insight into your knowledge of Maryland real estate statistics.  Your first-hand awareness of Frederick County realty continues to build confidence for those requiring representation.  

Apr 20, 2024 08:29 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

That's an interesting report as listings and sales are down corresponding to lack of inventory yet time on market decreased and value increased.

Apr 20, 2024 11:46 AM
John Pusa
Glendale, CA

Hello Buzz Mackintosh very valuable detailed housing statistic report for Maryland March 2024.

Apr 20, 2024 04:58 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Buzz Mackintosh  seldom do I do market snapshots, but clearly when I do I need to take lessons from you, Endre

Apr 20, 2024 10:27 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Wow, only 7 days on the market is quite a fast-moving market, buyers better not be sleeping on things or they will lose out, haha.

Apr 21, 2024 06:17 AM