The Maryland real estate market in 2024 presents unique opportunities and challenges for sellers. Understanding these trends is crucial for making informed decisions about when and how to sell your property.
Market Overview: A Seller's Market Continues
Maryland continues to experience a seller's market, characterized by low inventory, high demand, and rising prices. However, the dynamics are more nuanced than in previous years.
Key Statistics
- Median home price: $425,000 (up 6.2% from 2023)
- Average days on market: 18 days
- Inventory levels: 2.1 months of supply
- Price per square foot: $185 (statewide average)
Regional Variations Across Maryland
Maryland's diverse geography creates distinct micro-markets with varying trends:
Baltimore Metro Area
The Baltimore area continues to see strong growth, particularly in neighborhoods undergoing revitalization.
Washington D.C. Suburbs
Montgomery and Prince George's counties remain highly competitive due to proximity to federal employment.
Strategic Recommendations for Sellers
Given these market conditions, sellers should consider:
- Price Strategically: While it's still a seller's market, overpricing can backfire
- Prepare Thoroughly: Move-in ready homes command premium prices
- Consider Cash Offers: Alternative selling methods are becoming more important
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About Sarah Chen
Real estate market analyst and writer specializing in Maryland property trends. Sarah provides data-driven insights to help homeowners make informed decisions about buying and selling. With a background in economics and real estate finance, she brings analytical rigor to complex market dynamics.
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