ANNAPOLIS, MD—August 15, 2024—Maryland housing sales in July rose 4.2% to 6,462 units, versus 6,204 units sold in 2023, according to the Maryland REALTORS®’ July 2024 Housing Statistics. At the same time, units pending continued their rise, with 6,680 houses under contract, an 8.8% increase from last year.  The average sales price rose 5.7% to $512,266, while the median sales price grew 5.3% to $432,800.

July’s steady lowering of interest rates has helped with sales.  On July 3, the Freddie Mac 30-year fixed rate mortgage stood at 6.95%; by August 1 it had dropped to 6.73%.  Lack of inventory continues to be one of the biggest hurdles to homeownership, and while it remains low at 1.9 months, it has been steadily increasing since December 2023, when it stood at 1.4 months.

The growth in sales comes on the heels of changes in the residential real estate industry, which are being implemented as a result of the National Association of REALTORS®’ (NAR) Settlement in the Burnett v. NAR case earlier in the year. In Maryland, changes took effect August 14.  Maryland REALTORS® applaud changes that bring more transparency into residential real estate.

“Maryland has been ahead of the curve when it comes to transparency,” said Chris Hill, 2024 President, Maryland REALTORS®. “We’ve had written buyer agreements as state law since 2016. Transparency helps the consumer, and it helps the REALTOR®, who can focus on all the ways they are bringing value to the transaction, for the buyer or the seller.”

Hill encouraged consumers to visit Maryland REALTORS®’ site MarylandHomeownership.com for toolkits, webinars, and other resources to help consumers on their home journey. “This site is one of the best sites for education about homebuying and selling,” said Hill. “No ads, no marketing—just actionable information you can use to help gain a foothold when entering the housing market.”