ANNAPOLIS, MD—January 16, 2025—Maryland’s housing sales grew 10.2% in December 2024 to 5,472 units, versus 2023’s total of 4,966, according to the Maryland REALTORS®’ December 2024 Housing Statistics. The average sales price rose 7.5% to $498,153, while the median sales price grew 6.2% to $424,650.

Looking at 2024 as a whole, housing sales grew 1.5% over 2023, with 68,947 homes sold in the year. The average sales price grew 5.8% to 495,360, while the median sales price grew 5.0% to $420,000. Pending Units (houses under contract) grew 2.9% in 2024. Interestingly, Months of Inventory (housing available for sale) has grown since the pandemic, with 1.0 month of inventory available in 2020 versus 1.6 months in 2024. A balanced real estate market generally has six months of inventory available.

“It’s great to see positive sales because of what real estate contributes to local economies and the state, but this remains an incomplete picture due to lack of inventory and the numbers of people who simply cannot afford the cost of housing in Maryland,” said Cheryl Abrams Davis. “We need the Maryland legislature to step up and create housing opportunity. One easy way they can do that is by adopting consistent, statewide Accessory Dwelling Unit (ADU) regulations.

Often called a “granny flat” or an “in-law suite,” an ADU is a separate living unit situated on the same property as the home. It has its own entrance, plumbing, and electric. It can be attached to the home or separate from it. With enacted, uniform ADU legislation across the state, they can provide affordable housing options to key groups: seniors wishing to age in place, recent college graduates, and service-industry workers.

“This is an economic opportunity that Maryland needs,” added Abrams Davis. “ If you want to boost the bottom-line of your local economy, ADUs provide an easy means to do so. These people will add vitality to their local communities in the taxes they pay, the stores and restaurants they frequent, and more, with minimal impact to current infrastructure. We can’t think of a more win-win than this.”