Is Essex, 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, Essex has remained a Seller's Market.
Key Takeaway
Essex is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Essex, MD
How much do homes in Essex, MD cost?
Median Sold Price
$275,000
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Essex have sold for 5.8% more than they did a year ago.
Summary: The median home sold price in Essex was $275,000 in May 2024, up 5.8% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $125K | $125.7K | +0.6% |
| 2 Bedrooms | $194.9K | $205K | +5.2% |
| 3 Bedrooms | $240K | $255K | +6.3% |
| 4 Bedrooms | $323.9K | $345K | +6.5% |
| 5+ Bedrooms | $375.5K | $407.5K | +8.5% |
Summary: Essex housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.6%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 8.5%.
Median Sold Price Compared To Nearby Cities
| Sparrows Point | $365K | $388K | +6.3% |
| Essex | $259.9K | $275K | +5.8% |
| Middle River | $309.5K | $312.3K | +0.9% |
Housing Supply in Essex, MD
How many homes are available in Essex, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 120 | 134 | +11.7% |
Summary: The Essex real estate market had 134 homes for sale in May 2024, a 11.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 17 | 19 | +11.8% |
| 3 Bedrooms | 60 | 63 | +5.0% |
| 4 Bedrooms | 41 | 46 | +12.2% |
| 5+ Bedrooms | 2 | 5 | +150.0% |
Summary: The Essex housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 24 | -7.7% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Essex, you could pay more than the asking price. 54.2% of homes here sold above asking price last month.
Summary: A total of 24 homes were sold or pending in Essex in May 2024, down by 7.7% month-over-month. Of the 24 sold homes, 29% were sold under asking, 17% were sold at asking, and 54% were sold over asking.
Days on Market for Essex, MD
How long does it take to sell a home in Essex, MD?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 25 Days | 20 Days | -20.6% |
Summary: Homes in Essex had an average of 20 days on market in May 2024, down by 20.6% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Essex are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 24 homes were sold in Essex; 92% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
