Is 20740, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, 20740 has remained a Seller's Market.
Key Takeaway
20740 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 20740, MD
How much do homes in 20740, MD cost?
Median Sold Price
$451,000
$255/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 20740 have sold for 8.7% more than they did a year ago.
Summary: The median home sold price in 20740 was $451,000 in May 2024, up 8.7% from last year, and the median price per square foot was $255.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $136.2K | $146.9K | +7.9% |
| 2 Bedrooms | $220K | $184K | -16.4% |
| 3 Bedrooms | $392.5K | $437.7K | +11.5% |
| 4 Bedrooms | $445K | $473.5K | +6.4% |
| 5+ Bedrooms | $484.9K | $500K | +3.1% |
Summary: 20740 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.9%, 2 bedroom homes decreased by 16.4%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 3.1%.
Housing Supply in 20740, MD
How many homes are available in 20740, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 58 | 77 | +32.8% |
Summary: The 20740 real estate market had 77 homes for sale in May 2024, a 32.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 6 | -14.3% |
| 2 Bedrooms | 13 | 14 | +7.7% |
| 3 Bedrooms | 12 | 20 | +66.7% |
| 4 Bedrooms | 12 | 20 | +66.7% |
| 5+ Bedrooms | 14 | 17 | +21.4% |
Summary: The 20740 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 14.3%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 66.7%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes increased by 21.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 15 | +7.1% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 20740, you could pay more than the asking price. 73.3% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in 20740 in May 2024, up by 7.1% month-over-month. Of the 15 sold homes, 0% were sold under asking, 27% were sold at asking, and 73% were sold over asking.
Days on Market for 20740, MD
How long does it take to sell a home in 20740, MD?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 15 Days | 19 Days | +28.6% |
Summary: Homes in 20740 had an average of 19 days on market in May 2024, up by 28.6% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 20740 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 15 homes were sold in 20740; 93% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
