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December and Year-End 2023 Housing Stats

Maryland Homes Sales Fall 10.7% in December 2023 and 20.5% for the Year in the December 2023 Maryland REALTORS® Housing Stats

ANNAPOLIS, MD—January 17, 2023—Home sales in Maryland fell 10.7%, down to 4,743 units against 2022’s figure of 5,314. Prices continued to rise with the average sales price rising 7.5% to $455,674 and the median sales price rising 7.5%, as well, to $399,900. Pending Sales (houses under contract) grew 7.8% to 4,255 units.

Looking at 2023 overall, units sold dropped 20.5% to 67,565 units, versus 2022’s figure of 84,967. The average sales price rose 3.2% for the year to $466,128, while the median sales price rose 3.9% to $400,000. The trend for 2023 consistently was to have fewer homes sold each month, while average and median prices continued to rise. In such a market, Marylanders of moderate and lower incomes have lost out of the wealth-generating aspect of homeownership to those with more means to purchase a home.

“It’s a growing disparity, and it has us concerned,” said Chris Hill, 2024 President, Maryland REALTORS®. “When you look at 2023, home sales were down one-fifth of what they were in 2022, and yet prices are up. There’s a shortage of nearly 150,000 homes, according to the National Low Income Housing Coalition.” According to Hill, missing middle housing—duplexes, triplexes, and more—could help ease this housing crisis, but local governments need to act to make this kind of housing real throughout the state. “Zoning—local governments not looking at what their communities need—is what got us to this point.”

“We’re looking forward to a robust legislative session,” said Chuck Kasky, CEO, Maryland REALTORS®. “Governor Wes Moore and Maryland Department of Housing and Community Development Secretary Jake Day have introduced housing legislation, and we look forward to working with legislators and the state in getting more housing for the state. Marylanders who have had challenges finding housing, are asked to share their stories by visiting and letting us know the challenges they’ve faced when trying to find a home.”

December 2023 Housing Stats by County

December 2023 Housing Stats Infographic

2023 Year End Housing Stats by County

2023 Year End Housing Stats Infographic

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