In this article we give a precise description of the Plancherel decomposition of the most continuous part of L 2 (Z) for a real spherical homogeneous space Z. Our starting point is the recent construction of Bernstein morphisms by Delorme, Knop, Krötz and Schlichtkrull. The most continuous part decomposes into a direct integral of unitary principal series representations. We give an explicit construction of the H-invariant functionals on these principal series. We show that for generic induction data the multiplicity space equals the full space of H-invariant functionals. Finally, we determine the inner products on the multiplicity spaces by refining the Maaß-Selberg relations.