Is Solomons, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Solomons has remained a Buyer's Market.
Key Takeaway
Solomons is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Solomons, MD
How much do homes in Solomons, MD cost?
Median Sold Price
$389,900
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Solomons have sold for 2.6% more than they did a year ago.
Summary: The median home sold price in Solomons was $389,900 in March 2024, up 2.6% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $380K | $387.9K | +2.1% |
| 3 Bedrooms | $467.5K | $389K | -16.8% |
| 4 Bedrooms | $319K | $515K | +61.4% |
| 5+ Bedrooms | $591.5K | $700K | +18.3% |
Summary: Solomons housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.1%, 3 bedroom homes decreased by 16.8%, 4 bedroom homes increased by 61.4%, and 5+ bedroom homes increased by 18.3%.
Housing Supply in Solomons, MD
How many homes are available in Solomons, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 29 | 35 | +20.7% |
Summary: The Solomons real estate market had 35 homes for sale in March 2024, a 20.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 9 | +12.5% |
| 3 Bedrooms | 13 | 16 | +23.1% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Solomons 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 12.5%, 3 bedroom homes increased by 23.1%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Solomons, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Solomons in March 2024, the same as the previous month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Solomons, MD
How long does it take to sell a home in Solomons, MD?
Breakdown of Home Sale Times
3 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 Solomons are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 3 homes were sold in Solomons; 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.
