Is Monrovia, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Monrovia was a Seller's Market.
Key Takeaway
Monrovia 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 Monrovia, MD
How much do homes in Monrovia, MD cost?
Median Sold Price
$650,000
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Monrovia have sold for 4% more than they did a year ago.
Summary: The median home sold price in Monrovia was $650,000 in May 2024, up 4% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $425K | - | N/A |
| 3 Bedrooms | $481.1K | $550K | +14.3% |
| 4 Bedrooms | $672.5K | $702K | +4.4% |
| 5+ Bedrooms | $816K | $840K | +2.9% |
Summary: Monrovia housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 2.9%.
Median Sold Price Compared To Nearby Cities
| New Market | $521.5K | $581.2K | +11.5% |
| Monrovia | $625K | $650K | +4.0% |
| Mount Airy | $588K | $575K | -2.2% |
Housing Supply in Monrovia, MD
How many homes are available in Monrovia, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 25 | +25.0% |
Summary: The Monrovia real estate market had 25 homes for sale in May 2024, a 25.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 8 | 7 | -12.5% |
| 4 Bedrooms | 8 | 10 | +25.0% |
| 5+ Bedrooms | 4 | 8 | +100.0% |
Summary: The Monrovia housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 12.5%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 4 | -50.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Monrovia, expect to pay close to the asking price. 75% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in Monrovia in May 2024, down by 50.0% month-over-month. Of the 4 sold homes, 0% were sold under asking, 75% were sold at asking, and 25% were sold over asking.
Days on Market for Monrovia, MD
How long does it take to sell a home in Monrovia, MD?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 8 Days | -65.0% |
Summary: Homes in Monrovia had an average of 8 days on market in May 2024, down by 65% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Monrovia are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Monrovia; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
