Is Hancock, 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, Hancock was a Buyer's Market.
Key Takeaway
Hancock 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 Hancock, MD
How much do homes in Hancock, MD cost?
Median Sold Price
$228,000
$126/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Hancock have sold for 44.8% more than they did a year ago.
Summary: The median home sold price in Hancock was $228,000 in March 2024, up 44.8% from last year, and the median price per square foot was $126.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $80K | $35K | -56.3% |
| 2 Bedrooms | $169K | $125K | -26.0% |
| 3 Bedrooms | $130K | $231.5K | +78.1% |
| 4 Bedrooms | $283K | $298K | +5.3% |
| 5+ Bedrooms | $160K | $435K | +171.9% |
Summary: Hancock housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 56.3%, 2 bedroom homes decreased by 26%, 3 bedroom homes increased by 78.1%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 171.9%.
Housing Supply in Hancock, MD
How many homes are available in Hancock, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 13 | 14 | +7.7% |
Summary: The Hancock real estate market had 14 homes for sale in March 2024, a 7.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 9 | 11 | +22.2% |
| 4 Bedrooms | 3 | 1 | -66.7% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Hancock housing inventory by bedroom type for March 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 22.2%, 4 bedroom homes decreased by 66.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 4 | 2 | -50.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hancock, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 2 homes were sold or pending in Hancock in March 2024, down by 50.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Hancock, MD
How long does it take to sell a home in Hancock, MD?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 246 Days | 4 Days | -98.4% |
Summary: Homes in Hancock had an average of 4 days on market in Mar 2024, down by 98.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hancock are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 2 homes were sold in Hancock; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
