Is Takoma Park, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Takoma Park has remained a Seller's Market.
Key Takeaway
Takoma Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Takoma Park, MD
How much do homes in Takoma Park, MD cost?
Median Sold Price
$657,500
$354/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Takoma Park has remained the same since last year.
Summary: The median home sold price in Takoma Park was $657,500 in May 2024, down 0.4% from last year, and the median price per square foot was $354.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $185K | $197.4K | +6.7% |
| 2 Bedrooms | $259K | $257.5K | -0.6% |
| 3 Bedrooms | $645K | $712.5K | +10.5% |
| 4 Bedrooms | $720K | $802.5K | +11.5% |
| 5+ Bedrooms | $971.5K | $1.0M | +5.0% |
Summary: Takoma Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.7%, 2 bedroom homes decreased by 0.6%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes increased by 5%.
Housing Supply in Takoma Park, MD
How many homes are available in Takoma Park, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 46 | 52 | +13.0% |
Summary: The Takoma Park real estate market had 52 homes for sale in May 2024, a 13.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 11 | 11 | 0.0% |
| 3 Bedrooms | 12 | 13 | +8.3% |
| 4 Bedrooms | 10 | 15 | +50.0% |
| 5+ Bedrooms | 11 | 11 | 0.0% |
Summary: The Takoma Park 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 remained the same, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 11 | -15.4% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Takoma Park, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in Takoma Park in May 2024, down by 15.4% month-over-month. Of the 11 sold homes, 18% were sold under asking, 27% were sold at asking, and 55% were sold over asking.
Days on Market for Takoma Park, MD
How long does it take to sell a home in Takoma Park, MD?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 14 Days | -49.3% |
Summary: Homes in Takoma Park had an average of 14 days on market in May 2024, down by 49.3% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Takoma Park are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Takoma Park; 82% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
