Is Lake Arbor, 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, Lake Arbor has remained a Seller's Market.
Key Takeaway
Lake Arbor is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Arbor, MD
How much do homes in Lake Arbor, MD cost?
Median Sold Price
$400,000
$260/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lake Arbor have sold for 15.1% more than they did a year ago.
Summary: The median home sold price in Lake Arbor was $400,000 in April 2024, up 15.1% from last year, and the median price per square foot was $260.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $190K | $164.9K | -13.2% |
| 2 Bedrooms | $255K | $275K | +7.8% |
| 3 Bedrooms | $387K | $400K | +3.4% |
| 4 Bedrooms | $500K | $550K | +10.0% |
| 5+ Bedrooms | $613K | $625.5K | +2.0% |
Summary: Lake Arbor housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.2%, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 2%.
Housing Supply in Lake Arbor, MD
How many homes are available in Lake Arbor, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 31 | 34 | +9.7% |
Summary: The Lake Arbor real estate market had 34 homes for sale in April 2024, a 9.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 9 | 13 | +44.4% |
| 3 Bedrooms | 6 | 3 | -50.0% |
| 4 Bedrooms | 12 | 12 | 0.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Lake Arbor housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 44.4%, 3 bedroom homes decreased by 50%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 9 | 10 | +11.1% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
4 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Arbor, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Lake Arbor in April 2024, up by 11.1% month-over-month. Of the 10 sold homes, 10% were sold under asking, 40% were sold at asking, and 50% were sold over asking.
Days on Market for Lake Arbor, MD
How long does it take to sell a home in Lake Arbor, MD?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 7 Days | 20 Days | +173.0% |
Summary: Homes in Lake Arbor had an average of 20 days on market in Apr 2024, up by 173% compared to last year.
Breakdown of Home Sale Times
8 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 Lake Arbor are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 10 homes were sold in Lake Arbor; 80% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
