Is Severna Park, 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, Severna Park was a Seller's Market.
Key Takeaway
Severna Park 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 Severna Park, MD
How much do homes in Severna Park, MD cost?
Median Sold Price
$675,000
$279/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Severna Park have sold for 8% more than they did a year ago.
Summary: The median home sold price in Severna Park was $675,000 in March 2024, up 8% from last year, and the median price per square foot was $279.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $300K | $2.5M | +733.3% |
| 2 Bedrooms | $365K | $365K | 0.0% |
| 3 Bedrooms | $500K | $535K | +7.0% |
| 4 Bedrooms | $655.5K | $724.9K | +10.6% |
| 5+ Bedrooms | $770K | $893.5K | +16.0% |
Summary: Severna Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 733.3%, 2 bedroom homes did not change, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 10.6%, and 5+ bedroom homes increased by 16%.
Housing Supply in Severna Park, MD
How many homes are available in Severna Park, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 114 | 133 | +16.7% |
Summary: The Severna Park real estate market had 133 homes for sale in March 2024, a 16.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 4 | 6 | +50.0% |
| 3 Bedrooms | 26 | 27 | +3.8% |
| 4 Bedrooms | 44 | 54 | +22.7% |
| 5+ Bedrooms | 39 | 45 | +15.4% |
Summary: The Severna Park 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 increased by 50%, 3 bedroom homes increased by 3.8%, 4 bedroom homes increased by 22.7%, and 5+ bedroom homes increased by 15.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 22 | +46.7% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Severna Park, you could pay more than the asking price. 45.5% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Severna Park in March 2024, up by 46.7% month-over-month. Of the 22 sold homes, 36% were sold under asking, 18% were sold at asking, and 45% were sold over asking.
Days on Market for Severna Park, MD
How long does it take to sell a home in Severna Park, MD?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 34 Days | 24 Days | -28.3% |
Summary: Homes in Severna Park had an average of 24 days on market in Mar 2024, down by 28.3% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Severna Park are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 22 homes were sold in Severna Park; 77% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
