Is Somerset County, 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, Somerset County has remained a Buyer's Market.
Housing Prices in Somerset County, MD
How much do homes in Somerset County, MD cost?
Median Sold Price
$190,000
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Somerset County was $190,000 in March 2024, down 0.3% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $95K | $50K | -47.4% |
2 Bedrooms | $82.5K | $151.9K | +84.2% |
3 Bedrooms | $193K | $199.9K | +3.6% |
4 Bedrooms | $330K | $219K | -33.6% |
5+ Bedrooms | $236.4K | $324.9K | +37.4% |
Summary: Somerset County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 47.4%, 2 bedroom homes increased by 84.2%, 3 bedroom homes increased by 3.6%, 4 bedroom homes decreased by 33.6%, and 5+ bedroom homes increased by 37.4%.
Median Sold Price Compared To Nearby Counties
Wicomico County | $245K | $263.3K | +7.5% |
Worcester County | $405.5K | $424.7K | +4.7% |
Somerset County | $190.5K | $190K | -0.3% |
Housing Supply in Somerset County, MD
How many homes are available in Somerset County, MD?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
201 | 204 | +1.5% |
Summary: The Somerset County real estate market had 204 homes for sale in March 2024, a 1.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 34 | 33 | -2.9% |
3 Bedrooms | 112 | 115 | +2.7% |
4 Bedrooms | 44 | 45 | +2.3% |
5+ Bedrooms | 9 | 9 | 0.0% |
Summary: The Somerset County 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 decreased by 2.9%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
20 | 15 | -25.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 15 homes were sold or pending in Somerset County in March 2024, down by 25.0% month-over-month. Of the 15 sold homes, 80% were sold under asking, 7% were sold at asking, and 13% were sold over asking.
Days on Market for Somerset County, MD
How long does it take to sell a home in Somerset County, MD?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
61 Days | 92 Days | +49.3% |
Summary: Homes in Somerset County had an average of 92 days on market in Mar 2024, up by 49.3% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During March 2024, 15 homes were sold in Somerset County; 33% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.