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}