Is Northwest, 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, Northwest has remained a Seller's Market.
Key Takeaway
Northwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Northwest, MD
How much do homes in Northwest, MD cost?
Median Sold Price
$199,104
$128/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in Northwest has remained the same since last year.
Summary: The median home sold price in Northwest was $199,104 in April 2024, down 0.4% from last year, and the median price per square foot was $128.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $89.4K | $84.9K | -5.0% |
| 2 Bedrooms | $132.4K | $130.4K | -1.5% |
| 3 Bedrooms | $175K | $165K | -5.7% |
| 4 Bedrooms | $227K | $233K | +2.6% |
| 5+ Bedrooms | $352.7K | $356.5K | +1.1% |
Summary: Northwest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5%, 2 bedroom homes decreased by 1.5%, 3 bedroom homes decreased by 5.7%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 1.1%.
Median Sold Price Compared To Nearby Neighborhoods
| Arlington | $97.9K | $129.8K | +32.6% |
| Northwest | $199.9K | $199.1K | -0.4% |
Housing Supply in Northwest, MD
How many homes are available in Northwest, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 262 | 284 | +8.4% |
Summary: The Northwest real estate market had 284 homes for sale in April 2024, a 8.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 23 | 24 | +4.3% |
| 3 Bedrooms | 125 | 128 | +2.4% |
| 4 Bedrooms | 55 | 68 | +23.6% |
| 5+ Bedrooms | 57 | 63 | +10.5% |
Summary: The Northwest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 23.6%, and 5+ bedroom homes increased by 10.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 49 | 54 | +10.2% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwest, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 54 homes were sold or pending in Northwest in April 2024, up by 10.2% month-over-month. Of the 54 sold homes, 30% were sold under asking, 26% were sold at asking, and 44% were sold over asking.
Days on Market for Northwest, MD
How long does it take to sell a home in Northwest, MD?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 48 Days | 42 Days | -12.5% |
Summary: Homes in Northwest had an average of 42 days on market in Apr 2024, down by 12.5% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northwest are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 54 homes were sold in Northwest; 63% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
