Maryland Realtors recently released housing statistics for August, showing that housing sales fell 5.9% to 6,169 units, versus 6,559 units sold in 2023; the average sales price rose 4.4% to $499,050; and the median sales price grew 2.4% to $415,800, year over year.
Statewide figures show that as sales fell, units pending (houses under contract) continued their rise, with 6,318, a 6.3% increase from last year. Months of inventory rose to two months, while days on market grew to 10 days this August, from eight days in 2023.
The Worcester County specific-stats do show slightly elevated figures for both months of inventory at 3.6 locally, and for days on market, which is sitting at 28 for Worcester County this year as compared to 10 in 2023.
“Interest rates are coming down—as of September 19, the 30-year fixed rate mortgage dropped to 6.09%, which is great,” Chris Hill, the president of Maryland Realtors, said. “As the Federal Reserve recently cut interest rates by half a percentage point, we’ll see more buyers enter the market. Also, the increase in days on market could indicate that sellers will be more willing to negotiate on price. We will be watching this dynamic very closely.”
Hill added that following August’s changes in residential real estate stemming from the National Association of Realtors’ (NAR) Settlement in the Burnett v. NAR case, Realtors in Maryland are doubling down on transparency in the transaction.
“We’re most of the way there,” Hill said. “Maryland law has required written buyer agreements since 2016. When we’re transparent, consumers will have a better understanding of the value REALTORS® bring to a client who is buying or selling a home.”
Hill encouraged consumers to visit MarylandHomeownership.com, which has been recently updated with new content — blogs, toolkits, more — to give buyers and sellers resources to make their next home journey easier, clear and rewarding.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
