Is Somerset, MD a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Somerset is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Somerset was a Neutral Market.

Key Takeaway

Somerset is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Somerset, MD

How much do homes in Somerset, MD cost?

Median Sold Price

$2,375,000

$659/sqft

Based on all homes sold in September 2024.

Difference Since Last Month

+$605,000(+34.2%)

Key Takeaway

Homes in Somerset have sold for 34.2% more than they did a month ago.

Summary: The median home sold price in Somerset was $2,375,000 in September 2024, up 34.2% from last month, and the median price per square foot was $659.

Median Sold Price By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 --
N/A
2 --
N/A
3 --
N/A
4 --
N/A
5+ $1.7M$2.3M
+34.2%

Summary: Somerset housing prices by bedroom type for September 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes increased by 34.2%.

Housing Supply in Somerset, MD

How many homes are available in Somerset, MD?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
69+50.0%

Summary: The Somerset real estate market had 9 homes for sale in September 2024, a 50.0% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 00
0.0%
3 00
0.0%
4 01
+100.0%
5+ 68
+33.3%

Summary: The Somerset housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
110.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Somerset, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in Somerset in September 2024, the same as the previous month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Somerset, MD

How long does it take to sell a home in Somerset, MD?

Average Sale Time

Aug 2024Sep 2024CHANGE
18 Days93 Days+416.7%

Summary: Homes in Somerset had an average of 93 days on market in Sep 2024, up by 416.7% compared to last month.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Somerset are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During September 2024, 1 homes were sold in Somerset; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 30 Days Ago

Newest Listings in Somerset, MD

Nearby Markets to Somerset, MD