16 June May 2025 Housing Stats by Jacky Mueck Housing Stats 0 0 Comment 27 Maryland Home Sales Fall 10.6% in May, While Prices Continue to Rise New listings drop nearly 18%; Maryland REALTORS® say zoning reform and “middle housing” are key to improving inventory and affordability ANNAPOLIS, MD — June 12, 2025 — Home sales in Maryland continued to cool in May, with just 6,229 homes sold statewide, marking a 10.6% decrease from May 2024, according to the latest data from Maryland REALTORS®. At the same time, home prices continued their upward climb. The average sales price rose to $523,269, up 2.4%, while the median price increased to $440,000, a 2.3% gain over last year. While pending sales (homes under contract) climbed to 7,152 units, an increase of 5.4%, the number of new listings dropped significantly—down 17.8% to 7,443 properties—and active inventory dipped slightly by 2.9%. While the 30-year fixed mortgage rate in May grew from 6.76% to 6.89%, it tapered in early June to 6.85%. “Any relief in interest rates is always welcome, but the ‘lock-in effect’ continues to keep existing homeowners from selling,” said Cheryl Abrams Davis, 2025 President of Maryland REALTORS®. “With so many Marylanders sitting on historically low mortgage rates, they’re hesitant to give that up—keeping inventory low and prices high.” Maryland’s housing market also contends with structural constraints, notably outdated zoning laws. “Our cities and counties need to move beyond policies that restrict housing to single-family homes on large lots,” Abrams Davis added. “We need to support ‘middle housing’—duplexes, triplexes, cottage clusters, and other neighborhood-scale homes—to increase affordability and options for working families, young professionals, and older adults looking to downsize.” “We have the tools,” she said. “Now we need the political will to use them.” # # # Download May 2025 Housing Statistics Download May 2025 Housing Infographic Download 2025 State of Maryland Housing Survey of Registered Maryland Voters Watch ADUs: A Common Sense Solution Download State of Maryland Housing 2025 Infographic Watch Maryland's Economy Begins at Home Maryland REALTORS® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information.
9 June NAR BOD Ratifies Changes to SOP 10-5 & Pro Standards Policy 29 by Jacky Mueck Ethics, NAR Updates 0 0 Comment 331 Updates to Code of Ethics enhance clarity and enforceability Download the 2025 Code of Ethics & Standards of Practice Poster. CHICAGO (June 5, 2025) – The National Association of REALTORS® (“NAR”) Board of Directors ratified changes to Standard of Practice 10-5 (“SOP 10-5”) and Professional Standards Policy Statement 29, which are part of Article 10 of the Code of Ethics, today at the REALTORS® Legislative Meetings. The changes, which have been in discussion since 2023, will enhance the clarity and enforceability of the Code of Ethics. “NAR continually assesses and, when appropriate, amends the Code of Ethics to ensure the specific articles are clear in their language and intent, and can be enforced fairly and consistently,” said Kevin Sears, President of NAR. “Consistent with our deep commitment to upholding principles of fair housing and equal treatment for all consumers, these amendments provide clarity to our members, reduce risk for state and local associations enforcing the Code of Ethics, and bring Article 10 in line with similar requirements applied by other large trade associations.” Article 10 prohibits REALTORS® from denying equal professional services and employment opportunities based on protected characteristics. NAR adopted SOP 10-5 in 2020 to further clarify the application of Article 10 by prohibiting REALTORS® from using harassing speech, hate speech, epithets, or slurs. The updated language now aligns the definition of “harassment” with the NAR Member Code of Conduct and focuses its application on instances in which REALTORS® are operating in their professional capacity, consistent with similar ethical requirements applied by other large trade associations across the country. The updates to the Code of Ethics can be viewed here. About the National Association of REALTORS® As America's largest trade association, the National Association of REALTORS® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor. Source: "NAR Board of Directors Ratifies Changes to Standard of Practice 10-5 and Professional Standards Policy Statement 29"
14 May April 2025 Housing Stats by Jacky Mueck Housing Stats 0 0 Comment 648 Maryland Home Sales Dip in April While Inventory Inches Up Median and average prices continue to rise amid housing supply challenges ANNAPOLIS, MD — May 14, 2025 — Home sales across Maryland declined by 7.0% in April 2025, with 5,692 units sold compared to 6,120 in April 2024, according to the latest Maryland REALTORS® Housing Statistics. Despite the slowdown in sales volume, home prices continued to climb. The average sales price increased by 4.1% to $520,712, and the median price rose 4.8% to $435,000. Pending sales — homes under contract — edged up 1.2% to 6,864 units, while active inventory held steady at 12,626 units, the same level as a year ago. Months of inventory—a key indicator of supply—has grown from 1.7 months in February to 2.2 months in April. A balanced market generally has 6 months of inventory available. “We’re nowhere near a balanced market, and while we could be making strides to fix this with additional housing, local governments seem content to do nothing for their constituents,” said Cheryl Abrams Davis, 2025 President of Maryland REALTORS®. “We have an opportunity to do what’s right and add more housing in our communities, but local governments and their lobbyists continue to impede progress.” Abrams Davis also pointed to findings from the Association’s 2025 housing survey: “Seventy-seven percent of registered Maryland voters said their local governments are not adequately addressing community housing needs. More leaders need to listen to the broader public—not just the loudest NIMBY voices—if we’re going to make real progress on housing.” # # # Additional Resources: Download April 2025 Housing Statistics Download April 2025 Housing Infographic Download 2025 State of Maryland Housing Survey of Registered Maryland Voters Watch ADUs: A Common Sense Solution Download State of Maryland Housing 2025 Infographic Watch Maryland's Economy Begins at Home
14 April March 2025 Housing Stats by Jacky Mueck Housing Stats 0 0 Comment 1051 Maryland’s March 2025 Housing Statistics Reveals Drop In Units Sold, as Pending Units Climb ANNAPOLIS, MD—April 14, 2025 — Maryland housing sales fell 10% in March 2025 to 4,823 units, versus March 2024’s total of 5,358 units, according to the Maryland REALTORS®’ March 2025 Housing Statistics. The average sales price rose 3.2% to $488,315, while the median sales price grew 3.7% to $420,000. Unlike January and February 2025, units pending—houses under contract—grew 6.1% to 6,621 units, while active inventory dropped 4.5% and the number of new listings entering the market fell 7.9%. “Lack of inventory remains the primary barrier to homeownership,” said 2025 Maryland REALTORS® President Cheryl Abrams Davis. “Prices continue to rise as fewer homes are sold.” Abrams Davis did see a bright spot with the recent passage of HB 1466/SB 891 by the Maryland Legislature, allowing adoption of Accessory Dwelling Units (ADUs) across all of Maryland. “We look forward to its enactment into law and for local governments to take action on expanding ADUs in their communities. We could add upwards of 20,000 units for Marylanders, if local governments do their part for their constituents. Housing is the number one concern of Maryland voters, and local officials at the state and local levels need to take bold and meaningful action to address this crisis.” # # # Additional Resources: Download March 2025 Housing Statistics Download March 2025 Housing Statistics Infographic Watch ADUs: A Common Sense Solution Watch Maryland's Economy Begins at Home Download State of Maryland Housing 2025 Infographic Maryland REALTORS® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information.
14 March February 2025 Housing Stats by Jacky Mueck Housing Stats 0 0 Comment 763 Maryland’s February 2025 Housing Data Points to a Shifting Market, Amidst Drops in Units Sold, Pending Units, Active Inventory, and New Listings ANNAPOLIS, MD—March 12, 2025 — Maryland housing sales fell 9.6% in February 2025 to 4,015 units, versus February 2024’s total of 4,442, according to the Maryland REALTORS®’ February 2025 Housing Statistics. The average sales price rose 3.8% to $473,569, while the median sales price grew 2.3% to $409,000. Units pending—houses under contract—dropped 9.6% to 4,939 units, while active inventory fell 10.8% to 9,331 units. The number of new listings decreased by 24.7% to 5,226 units, as well. The 30-year fixed rate mortgage currently rests at 6.63%, the lowest it’s been since mid-December 2024. With the drop in new listings, active inventory, and pending units, combined with a softening of the growth in average and median sales prices, signs point to a shifting market, although more data is needed. Reporting from Bright MLS for the week ending March 9, 2025, showed that new purchase contracts in the Mid Atlantic area (Maryland, Northern Virginia, DC, Delaware and parts of Pennsylvania) were down 3.1% from the previous year, while increasing 8.8% from the first week in March. “We are keeping a close eye exclusively on Maryland, including places with significant federal employment, and we are assessing the data represented in our February report,” said Cheryl Abrams Davis, 2025 President, Maryland REALTORS®. “Much of the housing challenges in this area remain anchored to inventory issues, which is why we’re encouraging the State Legislature to adopt uniform ADU legislation across the state and continue to support the Moore Administration’s housing supply agenda.” # # # Additional Resources: Download February 2025 Housing Statistics Download February 2025 Housing Statistics Infographic Watch ADUs: A Common Sense Solution Watch Maryland's Economy Begins at Home Download State of Maryland Housing 2025 Infographic Maryland REALTORS® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information.
7 March Important Update on the Maryland State Budget & Impact on Real Estate by Jacky Mueck Advocacy, News 0 0 Comment 1522 Advocacy Update: State Budget In response to recent news reports surrounding the state budget and related revenue proposals, Maryland REALTORS® is providing our members with the following update on 2025 legislation and advocacy efforts. State Budget In February, the General Assembly held hearings on the Budget Reconciliation and Financing Act (BRFA), which included Governor Moore’s proposed $2B in programmatic cuts and approximately $1B in revenues to close the estimated $3B FY 2026 budget deficit. While the BRFA reduced the corporate income tax rate and eliminated the inheritance tax, Maryland REALTORS® opposed several items within the BRFA for their impact on real estate, including: - Creating a new income tax bracket for high income earners, which would include pass-through entities that claim business income on personal tax returns - Adding a 1% capital gains tax surcharge, which could impact real property valued at over $1.5M - Lowering the estate tax exemption to $2M - Eliminating new Opportunity Zone tax credits Other Proposals In addition to the BRFA, several other revenue proposals have been discussed within the General Assembly. These could either replace current tax and fee increases in the Governor’s proposal, or they could be used to restore some of the proposed program cuts. Those impacting real estate include: - Real Estate Transfer Tax – As part of their budget briefing, the Department of Legislative Services offered the option to increase transfer taxes on “high value properties.” That is defined as residential properties over $1M (3% of all sales in 2024) and commercial properties over $10M (6% of all sales in 2024). This would total approximately $40M in new taxes on real estate transactions. - Statewide Property Tax – Another recommendation is to increase the state-level property tax by one cent to 12.2 cents per $100 in value. This is on top of any local property tax rate increases which might be imposed by counties, cities, or municipalities. This would result in an additional $95M in property tax revenue. - Business to Business Services Tax – This bill does not tax real estate compensation. HB 1554/SB 1045 would impose a 2.5% sales tax on certain services provided only between business entities. While the bill as introduced has largely avoided increases on residential real estate transactions and activities, there are still categories of services used by brokerages and agents, such as: photography, website hosting, marketing, and accounting. Based upon preliminary feedback we have received from Bright MLS, they do not believe the bill impacts individual subscribers. Outlook Even in the best of years, budget negotiations are a fluid process, with amendments and adjustments occurring right up until final adoption. This is, of course, a difficult year, with significant known budget deficits combined with additional uncertainty on the economy and federal actions. It also means that Maryland may require additional time or even special legislative sessions in the summer or fall to address budgetary matters. Maryland REALTORS® is fully engaged in this process and is considering not only the policy implications from the text of these proposals, but also how to position our association to achieve the best results for our membership, property owners, and the industry. We will work in partnership with other business and real estate interests to determine where our voice and our advocacy efforts are needed most. The strength of our advocacy efforts is found in the engagement of our membership speaking with a unified voice on policy issues. As we work through the budget process, we may call upon you to contact your legislators on some of the above proposals. Please be on the lookout for additional updates from Maryland REALTORS as we progress through the final weeks of the 2025 General Assembly Session. Cheryl Abrams Davis, 2025 President of Maryland REALTORS® Chuck Kasky, CEO of Maryland REALTORS®
3 March Impact on Housing from the Changes to the Federal Workforce by Jacky Mueck News 0 0 Comment 1031 Message from 2025 Maryland REALTORS® President Cheryl Abrams Davis on the Impact on Housing from the Changes to the Federal Workforce A few years ago, we experienced an avalanche of erroneous and misleading information about COVID. The same thing happened regarding the practice changes resulting from the NAR antitrust litigation settlement, and more of the same is happening now concerning the state of the housing market because of the recent firings within the federal workforce. For example, I’ve seen social media posts saying there has been a surge in new listing activity in the DC Metro area. This is demonstrably false. I understand this upheaval has sparked concern about how those changes will affect our state and specifically the real estate market. We understand that substantial job losses will inevitably lead to impacts on the housing market. We just don’t know what those will be. Rest assured that Maryland REALTORS® will continue to be the most accurate source of information, and because we take time to verify everything and not rush to judgment or speculate, we may not be the first to publish, but we will always be the most accurate and useful source of information and guidance for our members. The best thing we can do right now is to focus on the facts – and more importantly, make sure we know how to find them. Maryland REALTORS® publishes monthly housing market statistics that provide the most accurate picture of our housing market. In addition, our friends at Bright MLS have the data and are sharing weekly market statistics, which will help identify trends as they happen: New Bright MLS blog post: https://www.brightmls.com/article/an-update-on-the-dc-area-housing-market New weekly market statistics: https://brightmls.com/article/greater-dc-area-weekly-housing-market-update Finally, please know that Maryland REALTORS® still has your backs.
19 February January 2025 Housing Stats by Jacky Mueck Housing Stats 0 0 Comment 1756 Housing Sales Rise in the January 2025 Maryland REALTORS® Housing Statistics Association Calls for General Assembly to Pass Uniform ADU Adoption Statewide ANNAPOLIS, MD—February 18, 2025—Housing sales in Maryland grew 2.1% in January 2025 to 3,968 units, versus January 2024’s total of 3,866, according to the Maryland REALTORS®’ January 2025 Housing Statistics. The average sales price rose 7.1% to $480,542, while the median sales price grew 5.5% to $406,000. Units pending—houses under contract—dropped 2.7% to 4,637 units, while active inventory fell 10.9% to 9,338 units. The number of new listings decreased as well by 16.2% to 4,980 units. The 30-year fixed rate mortgage experienced its most recent peak in mid-January when it hit 7.02%. As of the publication of this news release, the interest rate currently rests at 6.87%. The continued rise in home prices, coupled with a decline in active inventory and new listings, reflects the ongoing supply constraints in the Maryland housing market. While sales saw a modest increase, the drop in pending units suggests that buyer demand may be tempering due to affordability concerns. “Housing affordability remains a top priority for Maryland REALTORS®,” said Cheryl Abrams Davis, 2025 President. “With inventory levels shrinking and fewer new listings coming to market, buyers are facing competitive conditions. We’ve been witnessing this trend for a while now, and it’s why we’re eager to see the General Assembly pass legislation to allow uniform Accessory Dwelling Unit adoption statewide. That measure alone could help to bring 30,000 affordable units to consumers.” 2025 State of Maryland Housing Survey Maryland REALTORS® released its annual housing survey of registered Maryland voters last week. For the first time in the history of the survey respondents volunteered, without prompting, that housing affordability was their top concern. This sentiment was reflected throughout the survey, sometimes in drastic measures. 42% of young renters are considering leaving the state because of the cost of housing. Interestingly, 81% overwhelmingly favored the statewide uniform adoption of ADUs. “Local governments should take heed,” said Abrams Davis. “We implore the General Assembly to adopt uniform ADU standards, reflecting the will of their constituents.” To view the complete 2025 State of Maryland Housing Survey results, please click here. Download January 2025 Housing Statistics Download January 2025 Housing Infographic # # # Additional Resources: Video: ADUs: A Common Sense Solution Video: Maryland's Economy Begins at Home Infographic: State of Maryland Housing 2025 Maryland REALTORS® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information.
23 January December 2024 Housing Stats by Jacky Mueck Housing Stats 0 0 Comment 955 December 2024 and Annual Data Report Annual Increases in Housing Sales, According to the Maryland REALTORS® Housing Statistics ANNAPOLIS, MD—January 16, 2025—Maryland’s housing sales grew 10.2% in December 2024 to 5,472 units, versus 2023’s total of 4,966, according to the Maryland REALTORS®’ December 2024 Housing Statistics. The average sales price rose 7.5% to $498,153, while the median sales price grew 6.2% to $424,650. Looking at 2024 as a whole, housing sales grew 1.5% over 2023, with 68,947 homes sold in the year. The average sales price grew 5.8% to 495,360, while the median sales price grew 5.0% to $420,000. Pending Units (houses under contract) grew 2.9% in 2024. Interestingly, Months of Inventory (housing available for sale) has grown since the pandemic, with 1.0 month of inventory available in 2020 versus 1.6 months in 2024. A balanced real estate market generally has six months of inventory available. “It’s great to see positive sales because of what real estate contributes to local economies and the state, but this remains an incomplete picture due to lack of inventory and the numbers of people who simply cannot afford the cost of housing in Maryland,” said Cheryl Abrams Davis. “We need the Maryland legislature to step up and create housing opportunity. One easy way they can do that is by adopting consistent, statewide Accessory Dwelling Unit (ADU) regulations. Often called a “granny flat” or an “in-law suite,” an ADU is a separate living unit situated on the same property as the home. It has its own entrance, plumbing, and electric. It can be attached to the home or separate from it. With enacted, uniform ADU legislation across the state, they can provide affordable housing options to key groups: seniors wishing to age in place, recent college graduates, and service-industry workers. “This is an economic opportunity that Maryland needs,” added Abrams Davis. “If you want to boost the bottom-line of your local economy, ADUs provide an easy means to do so. These people will add vitality to their local communities in the taxes they pay, the stores and restaurants they frequent, and more, with minimal impact to current infrastructure. We can’t think of a more win-win than this.” Download December 2024 Housing Statistics Download December 2024 Housing Infographic # # # Maryland REALTORS® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information.
18 December November 2024 Housing Stats by Jacky Mueck Housing Stats 0 0 Comment 809 Maryland Homes Sales Grew 1.4% in Maryland REALTORS®’ November 2024 Housing Statistics ANNAPOLIS, MD—December 16, 2024—Housing sales in Maryland increased 1.4% in November 2024 to 5,216 units, compared to 5,146 units sold in 2023, according to the Maryland REALTORS®’ November 2024 Housing Statistics. The average sales price rose 5.5% to $489,996, while the median sales price grew 6.3% to $425,000. Top county performers include Talbot County, where sales grew 69.4%, and neighboring Caroline County, with a 42.1% increase in sales. The two counties witnessing the largest increases in the average sales price were Talbot County (60.5%) and Allegany County (31.1%). Statewide, units pending (houses under contract) grew 13.0%, and Days on Market—the number of days a house is available for sale before it moves off the market—grew to 12 days, versus 11 days in 2023. “In Maryland, inventory remains a serious issue, which is reflected in the rise in prices, month after month, year over year, said Cheryl Abrams Davis, Maryland REALTORS®’ 2025 President. “While we’ve been encouraged at what’s happening at the state level in housing legislation, much work remains to be done, like common sense Accessory Dwelling Unit (ADU) legislation. While building new housing may take time, ADUs—sometimes referred to as ‘in-law suites’ or ‘granny flats’—can help immediately.” Abrams Davis encouraged Marylanders who’ve had challenges in finding a home to visit OpenDoorsMaryland.org to share their stories. “When you share your story, it helps state legislators understand that affordable housing is an issue that directly affects the livelihood and quality of life of their constituents.” Download November 2024 Housing Statistics Download November 2024 Housing Infographic # # # Maryland REALTORS® professional members are experts in housing and real estate and are available for interviews and as subject matter experts. Contact Dan Patrell at dan.patrell@mdrealtor.org for more information.