How is the Western Maryland Real Estate Market Doing?

Western Maryland Market Snapshot (Latest available data - June 2026)

National Housing Inventory

• Approximately 4.5 months of inventory

Western Maryland Housing Inventory

• Approximately 4.11 months of inventory

Median Home Price (U.S.)

• $440,600

Median Home Price (Allegany County)

• $202,450

Median Days on Market (Allegany County)

• June 2025: 16 Days
• June 2026: 23 Days

 

The National Housing Market Has Changed

Over the last four years, the national housing market has undergone one of its biggest shifts in decades.

Housing inventory increased from a record-low 1.6 months' supply in early 2022 to approximately 3.7 months in 2024 and has now grown to approximately 4.5 months of inventory.

That may not sound like much, but in real estate those numbers tell a much bigger story. We've gone from an extremely competitive seller's market toward a much healthier balance between buyers and sellers.

Back in 2022, many homes received multiple offers within days of being listed. Today, buyers generally have more homes to choose from, homes are staying on the market a little longer, and buyers have gained more negotiating power than they've had in several years.

 

What's Driving the Change?

There are many factors that influence the housing market, but none has had a greater impact over the past four years than the economy.

Following the COVID-19 pandemic, inflation climbed to levels not seen in more than 40 years. In response, the Federal Reserve raised interest rates aggressively in an effort to slow inflation.

Mortgage rates followed.

In 2021, buyers could obtain a 30-year fixed mortgage for around 3%. By late 2022, those same rates had climbed to nearly 7%—one of the fastest increases in modern history.

Since then, mortgage rates have remained relatively stable, generally hovering in the mid-6% range. While they've occasionally dipped lower, today's buyers have largely adjusted to what has become the new normal.

 

What Does This Mean for Western Maryland?

Fortunately, our local market tells a different story.

According to the June 2026 Bright MLS Housing Market Report, the MD/WV Panhandle market—which includes Allegany, Garrett, and Washington Counties in Maryland—currently has approximately a 4.11-month supply of homes for sale.

That means Western Maryland is moving toward a much healthier and more balanced housing market than we've experienced in several years.

Another encouraging sign is the amount of time homes remain on the market.

In June 2025, the median time it took to sell a home in Allegany County was just 16 days. This June, that increased to 23 days. While homes are taking about a week longer to sell, they are still moving relatively quickly compared to many markets across the country.

 

Why That's Good News

For Buyers

Today's buyers have more opportunities than they've had in several years.

• More homes to choose from.
• Less pressure to make rushed decisions.
• More time to compare properties.
• Greater negotiating opportunities.

For Sellers

The good news for sellers is that home values continue to remain strong.

The June 2026 Bright MLS report shows the median sales price in Allegany County reached $202,450, representing a 24.6% increase over June 2025.

Even with those gains, Western Maryland remains one of the most affordable places in Maryland to purchase a home.

For perspective, the current national median home price is approximately $440,600—more than double the median sales price in Allegany County.

That affordability continues to make Western Maryland one of the few places where many first-time homebuyers can still purchase a home for under $200,000.

 

A Different Story Than Larger Markets

Many larger metropolitan markets—including portions of the Washington, D.C. region—have experienced much steeper increases in home prices over the past several years.

For many buyers in those areas, higher home prices combined with mortgage rates around 6% have made homeownership increasingly difficult.

Western Maryland has experienced a much steadier pace of change.

Inventory has grown gradually. Buyers have more choices. Home values continue to appreciate.

Together, those factors have created one of the healthiest housing markets we've seen in several years.

 

The Bottom Line

While no one can predict exactly what the housing market will do next, most economists believe mortgage rates are likely to remain relatively stable in the near future.

If that proves true, Western Maryland should continue moving toward an even healthier balance between buyers and sellers.

Whether you're buying your first home, selling your current one, or simply trying to understand today's market, knowing the story behind the numbers can help you make more informed decisions.Thinking About Buying or Selling?

If you're wondering what today's market means for your home—or your next move—I'd be happy to talk. Every neighborhood is different, every home is unique, and understanding your local market is the first step toward making a confident real estate decision. Contact Mark Winner via email at mark.winner@mvw.homes