Is Severn, 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, Severn has remained a Seller's Market.
Key Takeaway
Severn is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Severn, MD
How much do homes in Severn, MD cost?
Median Sold Price
$499,996
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Severn have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in Severn was $499,996 in April 2024, up 5.1% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $310K | $326.5K | +5.3% |
| 3 Bedrooms | $429.9K | $460K | +7.0% |
| 4 Bedrooms | $530K | $544K | +2.6% |
| 5+ Bedrooms | $680K | $690K | +1.5% |
Summary: Severn 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 5.3%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 1.5%.
Housing Supply in Severn, MD
How many homes are available in Severn, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 93 | 114 | +22.6% |
Summary: The Severn real estate market had 114 homes for sale in April 2024, a 22.6% 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 | 4 | 8 | +100.0% |
| 3 Bedrooms | 38 | 45 | +18.4% |
| 4 Bedrooms | 39 | 51 | +30.8% |
| 5+ Bedrooms | 12 | 10 | -16.7% |
Summary: The Severn 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 increased by 100%, 3 bedroom homes increased by 18.4%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 37 | 42 | +13.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Severn, you could pay more than the asking price. 54.8% of homes here sold above asking price last month.
Summary: A total of 42 homes were sold or pending in Severn in April 2024, up by 13.5% month-over-month. Of the 42 sold homes, 19% were sold under asking, 26% were sold at asking, and 55% were sold over asking.
Days on Market for Severn, MD
How long does it take to sell a home in Severn, MD?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 15 Days | 18 Days | +17.4% |
Summary: Homes in Severn had an average of 18 days on market in Apr 2024, up by 17.4% compared to last year.
Breakdown of Home Sale Times
36 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Severn are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 42 homes were sold in Severn; 86% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
