ANNAPOLIS, Md. -- Maryland's housing market cooled in July, with home sales falling 9.6% compared to the same month last year. A total of 6,086 homes sold, down from 6,736 in July 2024, according to Maryland REALTORS®' Housing Statistics.
Despite the slower pace, prices continued to rise. The average sales price increased 4.1% to $532,404, while the median sales price climbed 2.8% to $445,000.
Pending sales -- homes under contract but not yet closed -- fell 2.1%, marking their first decline since February 2025. Meanwhile, active inventory edged up 0.5% and the state recorded 2.6 months of inventory in July (six months is considered a balanced market). Homes spent a median of 13 days on the market, up from 8 days a year ago.
"When homes take longer to sell, it signals a more deliberate buyer environment, and that's what we're seeing today," said Cheryl Abrams Davis, 2025 President, Maryland REALTORS®. "Affordability remains a top issue, and it will remain so until local governments begin to zone for middle housing and other affordable options for more Marylanders."
A recent report from the University of Maryland's National Center for Smart Growth estimates the state faces a shortage of nearly 300,000 affordable housing units, disproportionately affecting residents with limited and fixed incomes, older adults, and historically marginalized groups.
"Our cities and counties can do something about this," Abrams Davis added. "If local government doesn't have the will, economic vitality will suffer as buyers look for more affordable homes outside this great state. We must do better."