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Maryland Real Estate Housing Market: 2024 Brief Guide

John Oputa ,

As we embark on 2024, the Maryland housing market promises transformative changes for both buyers and sellers. According to the Bright MLS 2024 Housing Forecast, here's a concise guide enriched with valuable insights to empower your decisions this year.

 For Buyers:

  • Mortgage Rates: Anticipate a shift in mortgage rates, expected to dip below 7% in the first quarter and stabilize between 6-6.5% by year-end. Seize the opportunity by consulting with a trusted real estate agent to make a well-timed move.

  • Home Sales: While an overall increase in home sales is projected, the initial quarter might witness a slower pace. For savvy buyers, strategic waiting could pay off as rates hover around 7%, with potential decreases later in the year.

  • Affordability Challenges: First-time homebuyers may face affordability hurdles. Engage with the best real estate agents who can guide you through options and leverage potential closing cost assistance or incentives offered by sellers.

For Sellers:

  • Increasing Inventory: Changing family and financial dynamics are set to induce more sellers into the market, leading to a noteworthy 7.6% increase in inventory by the year's end. Explore these opportunities by collaborating with a top real estate agent for optimal outcomes.

  • Stable Home Prices: A harmonious balance between rising inventory and increased buyers will likely maintain stable home prices in many markets. Sellers, particularly those aiming to attract first-time homebuyers, should consider offering enticing financial incentives.

  • No Major Price Corrections: The forecast assures no widespread home price corrections in 2024. While some markets may witness prices falling below 2023 levels, others will continue to experience upward trends.

 

In the dynamic 2024 Maryland housing market, opportunities abound for both buyers and sellers. Stay informed by consulting with an experienced real estate agent who understands the nuances of mortgage rate trends, market activity, and potential incentives. Whether you are looking to buy or sell in major Maryland cities like Bowie, Silver Spring, or Columbia, a knowledgeable REALTOR® can be your guiding force in navigating this evolving real estate landscape.

 

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