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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South is a buyer's market

Buyer's
Market

Difference Since February 2023

Since last year, South has remained a Buyer's Market.

Key Takeaway

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

Housing Prices in South, MD

How much do homes in South, MD cost?

Median Sold Price

$290,500

$205/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$500(+0.2%)

Key Takeaway

The sold price of homes in South has remained the same since last year.

Summary: The median home sold price in South was $290,500 in February 2024, up 0.2% from last year, and the median price per square foot was $205.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $215K$237.5K
+10.5%
2 $265K$280K
+5.7%
3 $316.7K$282.5K
-10.8%
4 $495K$420K
-15.2%
5+ $346.5K$320K
-7.6%

Summary: South housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 5.7%, 3 bedroom homes decreased by 10.8%, 4 bedroom homes decreased by 15.2%, and 5+ bedroom homes decreased by 7.6%.

Housing Supply in South, MD

How many homes are available in South, MD?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
429467+8.9%

Summary: The South real estate market had 467 homes for sale in February 2024, a 8.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 1115
+36.4%
2 141161
+14.2%
3 201209
+4.0%
4 5965
+10.2%
5+ 1717
0.0%

Summary: The South housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 36.4%, 2 bedroom homes increased by 14.2%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2957+96.6%

Asking Price vs. Sold Price

27 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South, you may be able to get a good deal. 47.4% of homes here sold below asking price last month.

Summary: A total of 57 homes were sold or pending in South in February 2024, up by 96.6% month-over-month. Of the 57 sold homes, 47% were sold under asking, 25% were sold at asking, and 28% were sold over asking.

Days on Market for South, MD

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

Average Sale Time

Feb 2023Feb 2024CHANGE
33 Days37 Days+14.0%

Summary: Homes in South had an average of 37 days on market in Feb 2024, up by 14% compared to last year.

Breakdown of Home Sale Times

35 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

7 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 57 homes were sold in South; 61% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 12% 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 28 Days Ago

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