Are you considering selling your home in Maryland, but waiting for better interest rates for your next home?
The fall of 2024 might just be the ideal time to make your move, especially when you have Sell Your Maryland Home for Free ready to negotiate on your behalf.
Let’s dive into the current Maryland housing market trends and why this season presents a unique opportunity for both home sales, listings, and relocating to your next forever home!
Maryland Housing Market Overview:
Typically, the real estate market follows a predictable seasonal pattern.
Summer in Maryland: Peak season with high competition
- Families aim to move before the school year starts
- More listings, and also more buyers
- Higher prices due to increased demand
- More bidding wars on houses
Winter in Maryland: Slowdown in market activity
- Fewer listings and buyers
- Potentially better deals for buyers, but less choice
- Sellers might face longer time on market
However, fall 2024 in Maryland is presenting a unique scenario that breaks from this traditional pattern, offering advantages for both home listings, sales, and buyers.
Understanding the Maryland Real Estate Market:
The Maryland real estate market experiences heightened competition during certain periods of the year.
- Traditional Peak Season: Summer sees increased activity in home listings and home sales, as families with school-age children aim to move before the new school year begins.
- Military PCS Season: About 65% of military moves occur between May and August, according to Military OneSource.
- Dual Pressure on Housing Market: This combination of civilian families and military personnel creates a surge in both real estate buying and selling activities, especially in areas like Odenton, Pasadena, Annapolis, and more. Current mortgage interest rates are also creating pressure on the market in terms of housing inventory and housing shortage.
Why Fall 2024 is the Sweet Spot for Maryland Real Estate Despite High Mortgage Interest Rates
- Less Competition, More Opportunity
As the summer rush subsides, fall offers a more balanced market with less frenzied competition for home buyers. For home sales, now is the time to list your condo or property! Housing inventory is still very low and your home in Maryland is highly sought after. - Favorable Market Conditions
According to Redfin, the median sales price in Maryland reached $436,000 in August 2024, a 4.8% increase from the previous year. This steady appreciation benefits sellers while still keeping prices within reach for buyers. - Low Housing Inventory
With only 2 months of supply, the scarcity of available properties puts sellers in a strong position when they are ready to sell their home, condo, or townhome in Maryland. - Motivated Buyers and Sellers
Fall and winter-time home buyers and sellers tend to be more serious, leading to smoother transactions. - Seasonal Advantages
Fall offers pleasant weather for home viewings and moves, without the peak competition of summer.
Strategies for Success in the Maryland Market
For Sellers:
- Price your home competitively based on recent comparable sales in your area- that’s where Sell Your Maryland Home for Free can assist you!
- Highlight features that appeal to Maryland buyers, such as energy efficiency or proximity to major cities like Baltimore, Annapolis, Fort Meade, or Washington D.C.
- Prepare your home for sale and get ready to list your home for $0 when you work with us! As long as you purchase your next property in Maryland, we can list your home for free!
For Buyers:
- Get pre-approved for a mortgage to strengthen your offer.
- Act decisively when you find a home you like.
- Consider homes that have been on the market since summer – sellers might be more willing to negotiate.
For Military Family PCS:
- Work with a real estate agent experienced in military relocations.
- Take advantage of VA loan benefits if eligible.
- Consider the timing of your PCS orders in relation to the market conditions.
Maryland Real Estate Forecast 2024
Experts predict that the Maryland housing market will continue to favor sellers through the end of 2024, with home prices expected to rise, albeit at a slower pace. However, the market is showing signs of balancing, which could benefit both buyers and sellers.
The Bottom Line for Maryland Home Buyers and Sellers
Fall 2024 presents a unique opportunity in the Maryland housing market. It’s an ideal time for both selling your current home and buying your next one. The reduced competition compared to the summer rush, combined with still-favorable weather conditions, plus our ability to expertly negotiate home sales and home purchases on your behalf, creates a “Goldilocks” scenario for real estate transactions.
Whether you’re a family looking for a new school district, upsizing from your condo to a single family residence, a military household facing a PCS move, or simply relocating for a better commute, the fall 2024 market in Maryland offers something for everyone.By understanding the current trends and working with a knowledgeable local real estate professional, you can navigate this market successfully and make your next move in the Free State.
Remember, while these trends apply to the Maryland housing market as a whole, real estate is always local. Whether you’re in Annapolis, Crofton, Pasadena, Odenton, Arnold, or Bowie, consult with a trusted Maryland real estate agent to understand how these trends apply to your specific situation and location.
Be sure to check out our testimonials and contact us at Sell Your Maryland Home for Free when you are ready to take advantage of a seller’s market!
