Is 20878, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 20878 was a Seller's Market.
Key Takeaway
20878 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 20878, MD
How much do homes in 20878, MD cost?
Median Sold Price
$684,622
$289/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 20878 have sold for 3.5% more than they did a year ago.
Summary: The median home sold price in 20878 was $684,622 in March 2024, up 3.5% from last year, and the median price per square foot was $289.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $185K | $204K | +10.3% |
| 2 Bedrooms | $350K | $400.9K | +14.6% |
| 3 Bedrooms | $495.2K | $540K | +9.0% |
| 4 Bedrooms | $775.5K | $838.4K | +8.1% |
| 5+ Bedrooms | $982.5K | $975K | -0.8% |
Summary: 20878 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.3%, 2 bedroom homes increased by 14.6%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes decreased by 0.8%.
Housing Supply in 20878, MD
How many homes are available in 20878, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 197 | 229 | +16.2% |
Summary: The 20878 real estate market had 229 homes for sale in March 2024, a 16.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 8 | +14.3% |
| 2 Bedrooms | 28 | 32 | +14.3% |
| 3 Bedrooms | 56 | 64 | +14.3% |
| 4 Bedrooms | 67 | 82 | +22.4% |
| 5+ Bedrooms | 39 | 43 | +10.3% |
Summary: The 20878 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 22.4%, and 5+ bedroom homes increased by 10.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 30 | 38 | +26.7% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 20878, you could pay more than the asking price. 65.8% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in 20878 in March 2024, up by 26.7% month-over-month. Of the 38 sold homes, 24% were sold under asking, 11% were sold at asking, and 66% were sold over asking.
Days on Market for 20878, MD
How long does it take to sell a home in 20878, MD?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 10 Days | 12 Days | +20.5% |
Summary: Homes in 20878 had an average of 12 days on market in Mar 2024, up by 20.5% compared to last year.
Breakdown of Home Sale Times
35 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 20878 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 38 homes were sold in 20878; 92% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
