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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Somerset County is a neutral's market

Buyer's
Market

Difference Since October 2021

At the same time last year, Somerset County was a Seller's Market.

Key Takeaway

Somerset County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

How much do homes in Somerset County, MD cost?

Median Sold Price

$189,500

$136/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2021

+$5,000(+2.7%)

Key Takeaway

Homes in Somerset County have sold for 2.7% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSOct 2021Oct 2022%
1 $22K$48K
+118.2%
2 $110K$90K
-18.2%
3 $185K$189K
+2.2%
4 $245K$310K
+26.5%
5+ $275K$452K
+64.4%

Median Sold Price Compared To Nearby Counties

Wicomico County
+17.3%
Worcester County
+13.1%
Somerset County
+2.7%

How many homes are available in Somerset County, MD?

Number of Homes For Sale

Sep 2022Oct 2022%
134125-6.7%

Homes For Sale By Bedroom Count

# BEDSSep 2022Oct 2022%
1 21
-50.0%
2 1923
+21.1%
3 8167
-17.3%
4 2830
+7.1%
5+ 44
0.0%

Number of Homes Sold

Sep 2022Oct 2022%
2319-17.4%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Somerset County, you may be able to get a good deal. 42.1% of homes here sold below asking price last month.

Average Sale Time

Oct 2021Oct 2022%
92 Days48 Days-47.6%

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Somerset County are selling fast, if you're buying plan to act quickly.

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

About Somerset County, MD

There are 125 homes are for sale in Somerset County, MD real estate market. The inventory of homes for sale in Somerset County, MD between September 2022 and October 2022 decreased by 6.7%. While the average time on the market in October 2022 was 48 days, the median list price was $189,500. Real estate listing prices changed between September 2022 and October 2022: 1 bedroom properties prices increased by 118.2%, prices of 2 bedrooms properties went down by 18.2%, the cost of 3 bedrooms properties went up by 2.2%, prices of 4 bedrooms properties went up by 26.5%, 5 bedrooms properties prices increased by 64.4%. Housing inventory have changed in this real estate market: the quantity of 1 bedroom homes went down by 50%, number of 2 bedrooms homes increased by 21.1%, the quantity of 3 bedrooms homes went down by 17.3%, 4 bedrooms homes inventory increased by 7.1%, volume of 5 bedrooms homes stayed the same. Over 6 listings were sold over their listed price in October 2022 in Somerset County, MD. In the same period over 8 listings were sold below the listed price and 5 listings were sold for the listed price.

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