Is Chesapeake City, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Chesapeake City was a Seller's Market.
Key Takeaway
Chesapeake City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Chesapeake City, MD
How much do homes in Chesapeake City, MD cost?
Median Sold Price
$3,150,000
$698/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Chesapeake City have sold for 753.7% more than they did a month ago.
Summary: The median home sold price in Chesapeake City was $3,150,000 in May 2024, up 753.7% from last month, and the median price per square foot was $698.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $672K | $3.1M | +368.8% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | $286K | - | N/A |
Summary: Chesapeake City housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 368.8%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Housing Supply in Chesapeake City, MD
How many homes are available in Chesapeake City, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 13 | +8.3% |
Summary: The Chesapeake City real estate market had 13 homes for sale in May 2024, a 8.3% 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 | 1 | 2 | +100.0% |
| 3 Bedrooms | 7 | 7 | 0.0% |
| 4 Bedrooms | 2 | 3 | +50.0% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Chesapeake City 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 100%, 3 bedroom homes remained the same, 4 bedroom homes increased by 50%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 1 | -66.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Chesapeake City, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Chesapeake City in May 2024, down by 66.7% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Chesapeake City, MD
How long does it take to sell a home in Chesapeake City, MD?
Average Sale Time
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 81 Days | 140 Days | +72.1% |
Summary: Homes in Chesapeake City had an average of 140 days on market in May 2024, up by 72.1% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Chesapeake City are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 1 homes were sold in Chesapeake City; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
