ANNAPOLIS, MD—September 19, 2024— Maryland housing sales in August fell 5.9% to 6,169 units, versus 6,559 units sold in 2023, according to the Maryland REALTORS®’ August 2024 Housing Statistics. The average sales price rose 4.4% to $499,050, while the median sales price grew 2.4% to $415,800 year over year.

As sales fell, units pending (houses under contract) continued their rise, with 6,318, a 6.3% increase from last year.  Months of inventory rose to two months, while days on market grew to 10 days in August 2024 from 8 days in 2023.

“Interest rates are coming down—as of September 19, the 30-year fixed rate mortgage dropped to 6.09%, which is great,” said Chris Hill, President, Maryland REALTORS®. “As the Federal Reserve recently cut interest rates by half a percentage point, we’ll see more buyers enter the market. Also, the increase in days on market could indicate that sellers will be more willing to negotiate on price. We will be watching this dynamic very closely.” 

Hill added that following August’s changes in residential real estate stemming from the National Association of REALTORS® ’ (NAR) Settlement in the Burnett v. NAR case, REALTORS® in Maryland are doubling down on transparency in the transaction. “We’re most of the way there,” added Hill. “Maryland law has required written buyer agreements since 2016. When we’re transparent, consumers will have a better understanding of the value REALTORS® bring to a client who is buying or selling a home.”

Hill encouraged consumers to visit MarylandHomeownership.com, which has been recently updated with new content—blogs, toolkits, more—to help buyers and sellers with resources to make their next home journey easier, clear, and rewarding.”