Is Savage, 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, Savage has remained a Seller's Market.
Key Takeaway
Savage is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Savage, MD
How much do homes in Savage, MD cost?
Median Sold Price
$470,000
$246/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Savage have sold for 4.4% more than they did a year ago.
Summary: The median home sold price in Savage was $470,000 in April 2024, up 4.4% from last year, and the median price per square foot was $246.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $340.5K | $383.5K | +12.6% |
| 3 Bedrooms | $391.5K | $412.5K | +5.4% |
| 4 Bedrooms | $509K | $530K | +4.1% |
| 5+ Bedrooms | $744.9K | $755.7K | +1.4% |
Summary: Savage housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12.6%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 1.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Columbia | $430K | $467.7K | +8.8% |
| North Laurel | $432.5K | $460K | +6.4% |
| Savage | $450K | $470K | +4.4% |
Housing Supply in Savage, MD
How many homes are available in Savage, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 13 | 15 | +15.4% |
Summary: The Savage real estate market had 15 homes for sale in April 2024, a 15.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 5 | 9 | +80.0% |
| 4 Bedrooms | 5 | 4 | -20.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Savage housing inventory by bedroom type for April 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 80%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 5 | -37.5% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Savage, expect to pay close to the asking price. 40% of homes here sold near the asking price last month.
Summary: A total of 5 homes were sold or pending in Savage in April 2024, down by 37.5% month-over-month. Of the 5 sold homes, 20% were sold under asking, 40% were sold at asking, and 40% were sold over asking.
Days on Market for Savage, MD
How long does it take to sell a home in Savage, MD?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 40 Days | 6 Days | -84.6% |
Summary: Homes in Savage had an average of 6 days on market in Apr 2024, down by 84.6% compared to last year.
Breakdown of Home Sale Times
5 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 Savage are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 5 homes were sold in Savage; 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.
