Is Somerset County, 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, Somerset County was a Seller's Market.
Key Takeaway
Somerset County 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 Somerset County, MD
How much do homes in Somerset County, MD cost?
Median Sold Price
$190,000
$134/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Somerset County have sold for 2.6% less than they did a year ago.
Summary: The median home sold price in Somerset County was $190,000 in April 2024, down 2.6% from last year, and the median price per square foot was $134.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | $50K | -47.4% |
| 2 Bedrooms | $87.5K | $139.9K | +59.9% |
| 3 Bedrooms | $195.7K | $197.9K | +1.1% |
| 4 Bedrooms | $275K | $219.5K | -20.2% |
| 5+ Bedrooms | $236.4K | $300K | +26.9% |
Summary: Somerset County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 47.4%, 2 bedroom homes increased by 59.9%, 3 bedroom homes increased by 1.1%, 4 bedroom homes decreased by 20.2%, and 5+ bedroom homes increased by 26.9%.
Median Sold Price Compared To Nearby Counties
| Wicomico County | $244.5K | $265K | +8.4% |
| Worcester County | $406.4K | $422.9K | +4.0% |
| Somerset County | $195K | $190K | -2.6% |
Housing Supply in Somerset County, MD
How many homes are available in Somerset County, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 125 | 134 | +7.2% |
Summary: The Somerset County real estate market had 134 homes for sale in April 2024, a 7.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 20 | 18 | -10.0% |
| 3 Bedrooms | 76 | 82 | +7.9% |
| 4 Bedrooms | 24 | 29 | +20.8% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Somerset County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 10%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 20.8%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 22 | +29.4% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerset County, you may be able to get a good deal. 63.6% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Somerset County in April 2024, up by 29.4% month-over-month. Of the 22 sold homes, 64% were sold under asking, 23% were sold at asking, and 14% were sold over asking.
Days on Market for Somerset County, MD
How long does it take to sell a home in Somerset County, MD?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 44 Days | 62 Days | +40.3% |
Summary: Homes in Somerset County had an average of 62 days on market in Apr 2024, up by 40.3% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Somerset County has remained consistent over time.
Summary: During April 2024, 22 homes were sold in Somerset County; 27% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
