Is Southwest, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Southwest was a Seller's Market.
Key Takeaway
Southwest is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Southwest, MD
How much do homes in Southwest, MD cost?
Median Sold Price
$145,681
$125/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Southwest have sold for 2.9% less than they did a year ago.
Summary: The median home sold price in Southwest was $145,681 in April 2024, down 2.9% from last year, and the median price per square foot was $125.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $62.5K | $147K | +135.2% |
| 2 Bedrooms | $129.5K | $120K | -7.3% |
| 3 Bedrooms | $137.2K | $133.3K | -2.9% |
| 4 Bedrooms | $212.5K | $225K | +5.9% |
| 5+ Bedrooms | $300K | $271.5K | -9.5% |
Summary: Southwest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 135.2%, 2 bedroom homes decreased by 7.3%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes decreased by 9.5%.
Median Sold Price Compared To Nearby Neighborhoods
| Allendale | $130K | $143.9K | +10.7% |
| Southwest | $150K | $145.6K | -2.9% |
Housing Supply in Southwest, MD
How many homes are available in Southwest, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 469 | 481 | +2.6% |
Summary: The Southwest real estate market had 481 homes for sale in April 2024, a 2.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 120 | 127 | +5.8% |
| 3 Bedrooms | 247 | 247 | 0.0% |
| 4 Bedrooms | 72 | 73 | +1.4% |
| 5+ Bedrooms | 26 | 29 | +11.5% |
Summary: The Southwest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 5.8%, 3 bedroom homes remained the same, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 11.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 95 | 78 | -17.9% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
41 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southwest, you could pay more than the asking price. 52.6% of homes here sold above asking price last month.
Summary: A total of 78 homes were sold or pending in Southwest in April 2024, down by 17.9% month-over-month. Of the 78 sold homes, 26% were sold under asking, 22% were sold at asking, and 53% were sold over asking.
Days on Market for Southwest, MD
How long does it take to sell a home in Southwest, MD?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 36 Days | 35 Days | -1.9% |
Summary: Homes in Southwest had an average of 35 days on market in Apr 2024, down by 1.9% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southwest are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 78 homes were sold in Southwest; 63% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
