Housing Facts

Housing Facts

Maryland Housing Facts

Decreased Supply

  • Maryland has the 11th largest housing deficit in the country1.

  • The number of homes for sale in Maryland has decreased 59% since 2019.

  • In 2021, Maryland’s existing housing inventory was down to 1 month; 6 months is considered a balanced market.

Increased Prices

  • Median housing prices have increased 38.6% in the past 5 years

  • Even with lower interest rates, housing price appreciation increased the typical mortgage payment in all but 1 Maryland county

  • Housing prices are growing faster than Maryland incomes

Fewer Housing Opportunities

  • Share of first-time buyers is 34%; down from 44% in 19812.

  • Median age of a first-time buyer has increased from 29 to 33. The median age of a repeat buyer has increased from 36 to 56.

  • Nearly 70% of Millennials say they cannot afford to buy due to rising home prices.

  • Nearly 50% of young adults (18-29) are living at home with their parents3.

Your Turn: What Marylanders Have to Say About Housing4

  • 60% believe people of color face different challenges than others when looking for housing.

  • 57% say the cost to buy a home in their part of Maryland is too high.

  • 62% say there is too little housing for younger people just starting in their careers.

  • 51% say there is too little housing for older people who are looking to downsize.

  • 46% say there is too little housing for people with moderate incomes.

1: Freddie Mac Report, Housing Supply Shortage: State of States 2020

2: 2020 NAR homebuyer seller survey. 41-42% is considered healthy market for first time homebuyers

3: Pew Research 18-29 years olds

4: Survey conducted by American Strategies, December 2020. Survey of 600 respondents, margin of error +/- 4 points