Are you wondering if it’s a good time to buy a house in Maryland right now? Should you hold off buying a house given the high-interest rates, potential recession, and slowdown of the housing market? One way to tell if it’s a good time to buy a house in Maryland right now is to see if it is in a buyer’s market or a seller’s market right now.
Is Maryland in a Buyer’s Market or Seller’s Market right now?
According to Redfin’s December 2022 data, there is 1.8 months supply of homes in MD right now. This means Maryland is in a seller’s market right now. A balanced market would be a 5 to 6 months supply of homes and a buyer’s market will be greater than 6 months supply of homes.
The best time to buy a house is during a buyer’s market. A buyer’s market is when there is a lot of inventory of homes for sale but not enough buyers out there wanting to buy a home. As a buyer, you will have the upper hand when it comes to negotiation prices because there will be less competition.
Is the Entire State of Maryland in a Seller’s Market?
Yes, Maryland is in a seller’s market right now. All the counties in Maryland are in a seller’s market. It’s not the best time to buy a house in Maryland right now. Since winter is a time of low housing inventory, I suggest holding off and waiting for more homes to enter the market. There should be a spike in new listings in March because that is when sellers begin putting their properties for sale.
What Does it Mean to be in a Seller’s Market?
In a seller’s market, the seller has the upper hand because there aren’t enough homes for sale yet there are too many buyers trying to buy a home. Bidding wars are common in a seller’s market. Homes typically sell for more than the asking price and many buyers forgo contingencies such as mortgage contingency and inspection contingency.
If you are a cash buyer in a seller’s market, you can beat out other buyers because you won’t have a mortgage contingency and you can close on the home faster. However, if you are a buyer taking out a mortgage with a low down payment, you might have a hard time buying a home in a seller’s market because you will most likely lose the bidding war to cash buyers and buyers with higher down payments.
Check out: 40 Places in The US Where Homes are Still Selling Fast
Counties in Maryland Where It’s a Seller’s Market
All the counties in Maryland are in a seller’s market (see list below). Hartford county, Howard county, Frederick county, Montgomery county, Cecil county and Anne Arundel county have less than 1.5 months of supply of homes! In fact, 45% of all the counties in Maryland have less than 2 months supply of homes. Maryland is currently in a hyper-competitive, seller’s market! If you are thinking of buying a home in Maryland, it makes sense to hold off on buying a home until the Spring when there are more homes for sale. There should be an uptick in new home listings in March when sellers begin putting their homes for sale.
Garrett County, MD
Garrett County, MD is in a seller’s market with 4.1 months supply of homes.
Baltimore City County, MD
Baltimore City County, MD is in a seller’s market with 3.1 months supply of homes.
Calvert County, MD
Calvert County, MD is in a seller’s market with 2.8 months supply of homes.
Queen Anne’s County, MD
Queen Anne’s County, MD is in a seller’s market with 2.8 months supply of homes.
Dorchester County, MD
Dorchester County, MD is in a seller’s market with 2.6 months supply of homes.
Caroline County, MD
Caroline County, MD is in a seller’s market with 2.4 months supply of homes.
Allegany County, MD
Allegany County, MD is in a seller’s market with 2.3 months supply of homes.
Kent County, MD
Kent County, MD is in a seller’s market with 2.3 months supply of homes.
St. Mary’s County, MD
St. Mary’s County, MD is in a seller’s market with 2.3 months supply of homes.
Talbot County, MD
Talbot County, MD is in a seller’s market with 2.1 months supply of homes.
Charles County, MD
Charles County, MD is in a seller’s market with 2 months supply of homes.
Washington County, MD
Washington County, MD is in a seller’s market with 1.9 months supply of homes.
Prince George’s County, MD
Prince George’s County, MD is in a seller’s market with 1.8 months supply of homes.
Carroll County, MD
Carroll County, MD is in a seller’s market with 1.6 months supply of homes.
Baltimore County, MD
Baltimore County, MD is in a seller’s market with 1.5 months supply of homes.
Anne Arundel County, MD
Anne Arundel County, MD is in a seller’s market with 1.4 months supply of homes.
Cecil County, MD
Cecil County, MD is in a seller’s market with 1.4 months supply of homes.
Montgomery County, MD
Montgomery County, MD is in a seller’s market with 1.4 months supply of homes.
Frederick County, MD
Frederick County, MD is in a seller’s market with 1.2 months supply of homes.
Howard County, MD
Howard County, MD is in a seller’s market with 1.1 months supply of homes.
Harford County, MD
Harford County, MD is in a seller’s market with 1 months supply of homes.
Source: December 2022 real estate data from RedFin.
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