Is Takoma Park, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Takoma Park was a Seller's Market.
Key Takeaway
Takoma Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Takoma Park, MD
How much do homes in Takoma Park, MD cost?
Median Sold Price
$657,500
$338/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Takoma Park have sold for 4.3% less than they did a year ago.
Summary: The median home sold price in Takoma Park was $657,500 in March 2024, down 4.3% from last year, and the median price per square foot was $338.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $185K | $192.7K | +4.2% |
| 2 Bedrooms | $261.5K | $257K | -1.7% |
| 3 Bedrooms | $645K | $730K | +13.2% |
| 4 Bedrooms | $720K | $881K | +22.4% |
| 5+ Bedrooms | $950K | $975K | +2.6% |
Summary: Takoma Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.2%, 2 bedroom homes decreased by 1.7%, 3 bedroom homes increased by 13.2%, 4 bedroom homes increased by 22.4%, and 5+ bedroom homes increased by 2.6%.
Housing Supply in Takoma Park, MD
How many homes are available in Takoma Park, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 95 | 104 | +9.5% |
Summary: The Takoma Park real estate market had 104 homes for sale in March 2024, a 9.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 9 | 0.0% |
| 2 Bedrooms | 18 | 16 | -11.1% |
| 3 Bedrooms | 22 | 28 | +27.3% |
| 4 Bedrooms | 19 | 21 | +10.5% |
| 5+ Bedrooms | 27 | 30 | +11.1% |
Summary: The Takoma Park 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 11.1%, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 10 | +100.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Takoma Park, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Takoma Park in March 2024, up by 100.0% month-over-month. Of the 10 sold homes, 30% were sold under asking, 20% were sold at asking, and 50% were sold over asking.
Days on Market for Takoma Park, MD
How long does it take to sell a home in Takoma Park, MD?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 29 Days | 61 Days | +108.5% |
Summary: Homes in Takoma Park had an average of 61 days on market in Mar 2024, up by 108.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Takoma Park are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 10 homes were sold in Takoma Park; 50% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.
