Some homebuyers are being sidelined by record prices in MD

Mortgage rates in Maryland and the mid-Atlantic area remain high, causing no price relief for buyers in 2024. The median sale price reached a record $422,535 in May, challenging potential homebuyers. Home prices in the Baltimore metro area also hit a new high of $400,000, despite slower sales. Inventory increased by 20.9% compared to last year, providing more choices but homes took longer to sell. Closed sales saw a slight improvement in May, with a minor decline in new pending and closed sales from the previous year.