A lack of inventory is affecting home pricing in Maryland, according to the Real Estate Association
If you are looking to buy a home in 2024, there are a few things you want to keep in mind.
People are spending more of their budget on housing than ever before, according to the Maryland REALTORS Association, and it's not just here, but across the country.
We asked the association what the 2024 housing market will look like for buyers and sellers.
They say sales may be slow due to a lack of inventory and will continue to affect pricing as a new year rolls around based on 2023 data.
In November 2023, the average price of a home in Maryland was $464,000 – a 4.5% increase over 2022.
According to Chris Hill, president of the Maryland REALTORS association, there will be a huge need for Marylanders of all income levels.
"It's harder and that's why you know when we talk about that missing middle it's important to understand that these people are priced out, they earn too much for some programs and not enough to qualify for others, and that creates a whole vacuum in housing and that's a real problem," Hill said. "We need to address this head-on, which means we need to deal with this missing middle call immediately."
There is good news: interest rates are falling for those looking to buy and for some sellers - an increase in the sale price can offset much of the expenses of buying a new home assuming you have equity in the home.
It's important to have someone in your corner when selling, Hill said.
"Hire a broker and get his help and hold your hand during the process, to help you go through the process of selling the bonds," Hill said. "Every community in Maryland has different needs, and a realtor who works and understands those needs to be the greatest tool in your toolbox."
"With home ownership comes the opportunity for generational wealth for many people and we must make sure that this door is open and not closed to many."
Hill says a good first step for someone looking for a realtor is to ask a friend about their experience buying a home.
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