Maryland Home Prices Continue to Rise Amid Tight Inventory and High Demand
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Maryland has a tight housing inventory and high demand, leading to rising home prices and fast sales. The median price was $408,200 in September 2023.
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Home prices vary widely in different parts of Maryland, from $205,000 in Baltimore to over $1 million in Bethesda near D.C.
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With low inventory, sellers can likely get more for their homes now versus last year. But buyers face challenges from high prices, rates, and competition.
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Getting preapproved for a mortgage can help buyers compete in bidding wars. An agent can help sellers accurately price their home.
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While sales volume has dropped 20% since last year, experts say a housing market crash is unlikely given strong demand, low supply, and rising prices.