Lack of inventory impacting Maryland home pricing, real estate association says
BALTIMORE -- If you're looking to buy a home in 2024, there are a couple of things you want to keep in mind.
People are spending more of their budget on housing than they ever have, according to non-profit real estate association Maryland REALTORS, and it's happening not just here, but across the country.
WJZ asked the nonprofit what the 2024 housing market looks like for buyers and sellers.
They say sales may be slow due to the lack of inventory and will continue to impact pricing as a new year continues based on data in 2023.
In November 2023, the average price of a home in Maryland was $464,000 - up 4.5% from 2022.
According to Chris Hill, President of the non-profit real estate association Maryland REALTORS, there will be a huge need for Marylanders across all income levels.
"It's harder and that's why you know when we're talking about this missing middle it's important to understand these people are priced, they make too much for certain programs and not enough to qualify for others, and it creates a whole vacuum if you will, in housing and that's a real problem," Hill said. "We have to address it head-on which means we need to deal with this missing middle conversation immediately."
There is good news: interest rates are coming down for those looking to buy and - for some sellers - an increase in sales price can offset a lot of the expenses of purchasing a new home assuming you have some equity in your home.
It's important to have someone in your corner when selling, Hill said.
"Hire a realtor and have their assistance and hold your hand through the process, and help you work through the bond selling process," Hill said. "Each community in Maryland has different needs, and having a realtor that works with and understands those needs to be the greatest tool on your toolbox."
"With homeownership comes the opportunity for generational wealth for many people and we have to make sure that door will be open and isn't closed in the face of many."
Hill says a good first step for those looking for a realtor is to ask a friend about their experience buying a house.
For more information, visit
MarylandHomeownership.Com, a site by Maryland REALTORS is another good resource to begin your homeownership journey.
