Jan 2024, MD home prices outpace inflation.

MARYLAND housing stats

HOUSING MARKET MONTHLY NEWSLETTER for Virginia, Maryland and DC.

This issue for MARYLAND, January 2024

(All 70 zip codes/communities)

You will not find this information anywhere else. Median sale price of homes by Zip Code and City. Data from MLS. Prepared by TOBIN SEVEN, Principal Broker / Army Veteran / Eagle Scout. Licensed in VA, MD and DC. Military friendly Realtor.

Quick summary of VIRGINIA, MARYLAND and WASHINGTON DC

MARYLAND home prices have INCREASED---4.7% in past 12 months. Yikes.... don't wait to BUY!

Tobin's NOTE: Median price of home today in MARYLAND is $450,000.

Same home 12 months ago would have cost $430,000.
You would PAY an extra $1,667 a month by waiting to buy same home you saw 12 months previously.
SUMMARY: MARYLAND homes prices are continue to increase.

SEE BELOW: This is a "leap year". 29 days in this month, February. The advice below is sound.

SEE BELOW: The consensus is home interest rates are going to stay around 7% for quite some time. Why? The economy is strong and inflation pressures have not reduced enough for the Federal Reserve to lower interest rates. Note, the stock market just hit an all time high last week.

Video intro

TOBIN SEVEN, Principal Real Estate Broker, Army Veteran.

Licensed in Virginia and Maryland. Eagle Scout.

SEVEN REAL ESTATE ASSOCIATES®

Veteran Owned and Operated

Cell (703) 775-1111

Tobin's website

Email: Tobin@SoldBySeven.com

You receive 25% of my commission at Settlement whether BUYING or SELLING. This is real money to you. Let's talk.

SEE ABOVE. This is interesting information. The past 12 months of Maryland homes sales are shown---by month. March is coming up and historically a strong month in Maryland to buy a home. Of course, the late Spring and Summer (school is out) are the busiest months for home purchases.

Every year an "official color" is designated by the paint manufacturers.

In 2024 that color is "peach fuzz".

SEE ABOVE. First time homebuyers now comprise 1/4 of all home sales. This percentage continues to decline as many first time homebuyers struggle to afford to buy a home.

SEE BELOW. This is the reason you do not see many homes for sale. Note, number has now dropped from 98% to 94%. Not a big change in past 12 months.

SEE CHART BELOW. The MARYLAND housing market shows an excess of homes for sale. This will result in slowing home appreciation.

SEE CHART BELOW. MARYLAND home prices have increased by 4.7% annually in past 12 months. Last month annual median increase was similar.

CPI (Consumer Price Index) is:

Now 3.1%
Dec 3.4%
Nov 3.1%
October 3.2%
September 3.7%
August 3.7%
July 3.2%
June 3.0%
May 4.0%

SEE CHART BELOW. Home sales continue to decrease or barely change from year to year. Why?

Fewer homes available for sale as new Home Builders are not keeping up with demand.
Buyers waiting on sidelines to see what economy is going to do.
Higher interest rates make buying a home too expensive.
Many homeowners have mortgages below 5.0% and don't want to buy a home and dramatically increase their interest rate.