Is Right Now a Good Time to Buy a House in Maryland?

Whether it's a good time to buy depends more on your finances and plans than on the calendar. The honest picture right now: mortgage rates are higher than a year ago, prices statewide are still above last year, and fewer homes are for sale. That's tough on affordability, but it also means buyers who are ready and patient often have room to negotiate on specific homes.

What the numbers say

• Rates: Freddie Mac reported the 30-year fixed rate averaged 7.24% on October 29, 2026, down from 7.32% the week before, and up from 6.17% a year earlier.
• Prices: Maryland REALTORS reported the August 2026 statewide median sales price was $445,000, up 2.3% from a year earlier.
• Supply: Active inventory was 16,897 homes in August, down 13.7% from last year, and new listings were down 23.6%.
• Demand: Sales fell 8.5% year over year in August, and pending sales turned negative for the first time in over a year, per Maryland REALTORS.

Local markets differ. The Baltimore area has seen more listings than a year ago, while other parts of the state are tighter. Ask for numbers on the county and price range you care about.

The payment matters more than the headline

Here's why rates matter. On a $400,000 loan, principal and interest at 7.24% is roughly $2,725 a month. At 6.17%, it's about $2,445. That's a difference of about $280 a month. I'm showing the math, not predicting where rates go. Nobody can time them, and you can often refinance later if rates fall, though that's never guaranteed.

Questions to ask yourself

1. Is the monthly payment, with taxes and insurance, comfortable?
2. Will I still have cash reserves after closing?
3. Do I plan to stay long enough to cover the costs of buying and selling?
4. Is my job and income stable?
5. Is my credit where I want it?

If you say yes to those, waiting for a perfect market may cost you more in rent and missed time than it saves. If you say no, waiting while you build savings or improve credit can be the smart move.

Where buyers may have leverage

Homes that have been listed for a while sometimes have more room for negotiation, and some sellers will consider help with closing costs or a rate buydown. That's negotiable, not guaranteed, and it varies by property. Your agent can check days on market and price changes before you write an offer.

What I'd do in your shoes

I'd get a lender quote, set a payment you're comfortable with, and watch the market for a few weeks. Buying is a personal decision, and I'm here to help you run the numbers either way.

FAQ

Should I wait for rates to drop?

Nobody knows when or if they will. Compare the payment you can afford now and what waiting might cost you.

Are home prices in Maryland going down?

Statewide median price was up 2.3% in August 2026 from a year earlier, though some local areas have seen declines.

Is it a buyer's market?

It depends on the area and price range. Some places show more choice than a year ago, others are still tight.

Can I refinance later?

Often, but it isn't guaranteed. It depends on rates, your credit, and the home's value.

How much cash do I need?

Down payment, closing costs, and a reserve. A lender can give you a real estimate.

Next step

Ready to see what you can afford? Start with my buyer resources, or contact me. Want to talk it through? Grab a free 15-minute call at calendly.com/michaelwaderealtor/15min. No pressure.