Is Berlin, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Berlin was a Seller's Market.
Key Takeaway
Berlin is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Berlin, MD
How much do homes in Berlin, MD cost?
Median Sold Price
$425,000
$253/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Berlin have sold for 1.2% less than they did a year ago.
Summary: The median home sold price in Berlin was $425,000 in May 2024, down 1.2% from last year, and the median price per square foot was $253.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $125K | N/A |
| 2 Bedrooms | $220K | $320K | +45.5% |
| 3 Bedrooms | $367.2K | $392.5K | +6.9% |
| 4 Bedrooms | $565K | $539K | -4.6% |
| 5+ Bedrooms | $810K | $849.9K | +4.9% |
Summary: Berlin housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 45.5%, 3 bedroom homes increased by 6.9%, 4 bedroom homes decreased by 4.6%, and 5+ bedroom homes increased by 4.9%.
Housing Supply in Berlin, MD
How many homes are available in Berlin, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 215 | 255 | +18.6% |
Summary: The Berlin real estate market had 255 homes for sale in May 2024, a 18.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 15 | 16 | +6.7% |
| 3 Bedrooms | 121 | 145 | +19.8% |
| 4 Bedrooms | 60 | 67 | +11.7% |
| 5+ Bedrooms | 19 | 27 | +42.1% |
Summary: The Berlin housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 19.8%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes increased by 42.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 31 | 40 | +29.0% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Berlin, you may be able to get a good deal. 52.5% of homes here sold below asking price last month.
Summary: A total of 40 homes were sold or pending in Berlin in May 2024, up by 29.0% month-over-month. Of the 40 sold homes, 53% were sold under asking, 15% were sold at asking, and 33% were sold over asking.
Days on Market for Berlin, MD
How long does it take to sell a home in Berlin, MD?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 36 Days | 31 Days | -15.2% |
Summary: Homes in Berlin had an average of 31 days on market in May 2024, down by 15.2% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Berlin are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 40 homes were sold in Berlin; 70% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
