The housing market in Maryland has been critical since COVID due to high property prices. According to Herald-Mail Media, Maryland is short on housing units by over 120,000 in 2023, 38,000 units higher than in 2022. Many Marylanders looking for a home in today’s economy are faced with not only no guarantee of finding a home in the state but also severe price hikes in recent years.
In the Maryland National Association of Realtors report in January of 2023, one of the key findings was that 75% of Maryland voters believe that the cost to buy a house or rent an apartment is too high. That makes about half of the people feel some sort of financial strain due to the price they must pay in rent or mortgage payments.
Lauren Miserka feels the pinch of renting in the Greater Baltimore Area. “I’ve been renting my house for about three months now for $2200 per month. I would like to see the housing market decrease for renters, as I have found that a mortgage/owning a home is actually cheaper.”
Kim Peters, a real estate agent and broker of 20+ years, sees all of the trends in the market. “The market we are currently in is a seller’s market,” Peters explained. “This means that a seller can set a price and expect to get that or more if reasonable.”
Peters explained that there is a lack of inventory as well as stable rates, which means that buyers have to get creative with their offers. Peters also said that most buyers in the market are looking for older homes that have been remodeled/updated because new homes have had issues with getting lumber and other materials for construction.
Lauren Miserka has taken notice of the lack of inventory. “One thing I look for most when looking for a house is the number of bedrooms. I have 5 kids, and the place I’m renting only has 3 bedrooms. I wish there were more.”
But the housing market seems to be improving. Peters has a prediction for the housing market in 2023, and it looks promising. “I think this year will be returning to a more stabilized market,” she said. “Interest rates are normal now and back to pre-pandemic numbers so the ‘free’ money and ability to overpay is not feasible, so buyers are more level-headed and more houses are coming up for sale.”