Is 20616, MD a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 20616 is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, 20616 was a Seller's Market.

Key Takeaway

20616 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 20616, MD

How much do homes in 20616, MD cost?

Median Sold Price

$422,450

$189/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$27,450(+6.9%)

Key Takeaway

Homes in 20616 have sold for 6.9% more than they did a year ago.

Summary: The median home sold price in 20616 was $422,450 in February 2024, up 6.9% from last year, and the median price per square foot was $189.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $595K-
N/A
2 $252.5K$275.5K
+9.1%
3 $368K$404K
+9.8%
4 $400K$559.5K
+39.9%
5+ $608.9K$560K
-8.0%

Summary: 20616 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 39.9%, and 5+ bedroom homes decreased by 8%.

Median Sold Price Compared To Nearby Zip Codes

20616
+6.9%
22309
+5.4%
20603
+4.3%
20607
+2.8%

Housing Supply in 20616, MD

How many homes are available in 20616, MD?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
7875-3.8%

Summary: The 20616 real estate market had 75 homes for sale in February 2024, a 3.8% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 22
0.0%
2 33
0.0%
3 2623
-11.5%
4 3433
-2.9%
5+ 1314
+7.7%

Summary: The 20616 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 11.5%, 4 bedroom homes decreased by 2.9%, and 5+ bedroom homes increased by 7.7%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
67+16.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 20616, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in 20616 in February 2024, up by 16.7% month-over-month. Of the 7 sold homes, 43% were sold under asking, 14% were sold at asking, and 43% were sold over asking.

Days on Market for 20616, MD

How long does it take to sell a home in 20616, MD?

Average Sale Time

Feb 2023Feb 2024CHANGE
14 Days14 Days-4.9%

Summary: Homes in 20616 had an average of 14 days on market in Feb 2024, down by 4.9% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 20616 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 7 homes were sold in 20616; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in 20616, MD

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