Is Takoma Park, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
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
How much do homes in Takoma Park, MD cost?
Median Sold Price
$675,000
$356/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Takoma Park have sold for 2.2% less than they did a year ago.
Summary: The median home sold price in Takoma Park was $675,000 in August 2023, down 2.2% from last year, and the median price per square foot was $356.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $179.9K | $185K | +2.8% |
| 2 Bedrooms | $260K | $258.5K | -0.6% |
| 3 Bedrooms | $705K | $675K | -4.3% |
| 4 Bedrooms | $724K | $795K | +9.8% |
| 5+ Bedrooms | $866K | $973.2K | +12.4% |
Summary: Takoma Park housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 2.8%, 2 bedroom homes decreased by 0.6%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 12.4%.
Housing Supply
How many homes are available in Takoma Park, MD?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 83 | 92 | +10.8% |
Summary: The Takoma Park real estate market had 92 homes for sale in August 2023, a 10.8% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 9 | +50.0% |
| 2 Bedrooms | 13 | 17 | +30.8% |
| 3 Bedrooms | 19 | 17 | -10.5% |
| 4 Bedrooms | 15 | 17 | +13.3% |
| 5+ Bedrooms | 30 | 32 | +6.7% |
Summary: The Takoma Park housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 30.8%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes increased by 6.7%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 11 | 12 | +9.1% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 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 12 homes were sold or pending in Takoma Park in August 2023, up by 9.1% month-over-month. Of the 12 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market
How long does it take to sell a home in Takoma Park, MD?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 6 Days | 16 Days | +168.1% |
Summary: Homes in Takoma Park had an average of 16 days on market in Aug 2023, up by 168.1% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 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 August 2023, 12 homes were sold in Takoma Park; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
