Is 20602, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 20602 has remained a Seller's Market.
Key Takeaway
20602 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 20602, MD
How much do homes in 20602, MD cost?
Median Sold Price
$369,800
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 20602 have sold for 5.9% more than they did a year ago.
Summary: The median home sold price in 20602 was $369,800 in April 2024, up 5.9% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $264.5K | $285K | +7.8% |
| 3 Bedrooms | $305K | $317.5K | +4.1% |
| 4 Bedrooms | $390K | $415K | +6.4% |
| 5+ Bedrooms | $450K | $461.5K | +2.6% |
Summary: 20602 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 2.6%.
Housing Supply in 20602, MD
How many homes are available in 20602, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 79 | 86 | +8.9% |
Summary: The 20602 real estate market had 86 homes for sale in April 2024, a 8.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 1 | -66.7% |
| 3 Bedrooms | 41 | 48 | +17.1% |
| 4 Bedrooms | 29 | 30 | +3.4% |
| 5+ Bedrooms | 6 | 7 | +16.7% |
Summary: The 20602 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 66.7%, 3 bedroom homes increased by 17.1%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 23 | 17 | -26.1% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
9 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 20602, expect to pay close to the asking price. 52.9% of homes here sold near the asking price last month.
Summary: A total of 17 homes were sold or pending in 20602 in April 2024, down by 26.1% month-over-month. Of the 17 sold homes, 6% were sold under asking, 53% were sold at asking, and 41% were sold over asking.
Days on Market for 20602, MD
How long does it take to sell a home in 20602, MD?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 26 Days | 22 Days | -16.4% |
Summary: Homes in 20602 had an average of 22 days on market in Apr 2024, down by 16.4% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 20602 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 17 homes were sold in 20602; 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.
