Is Garrett County, 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, Garrett County was a Seller's Market.
Key Takeaway
Garrett County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Garrett County, MD
How much do homes in Garrett County, MD cost?
Median Sold Price
$460,000
$242/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Garrett County have sold for 15% more than they did a year ago.
Summary: The median home sold price in Garrett County was $460,000 in May 2024, up 15% from last year, and the median price per square foot was $242.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $182.5K | $158K | -13.4% |
| 2 Bedrooms | $237K | $230K | -3.0% |
| 3 Bedrooms | $294.6K | $377.5K | +28.1% |
| 4 Bedrooms | $692.5K | $557.5K | -19.5% |
| 5+ Bedrooms | $750K | $1.1M | +53.3% |
Summary: Garrett County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.4%, 2 bedroom homes decreased by 3%, 3 bedroom homes increased by 28.1%, 4 bedroom homes decreased by 19.5%, and 5+ bedroom homes increased by 53.3%.
Median Sold Price Compared To Nearby Counties
| Mineral County | $163K | $188.5K | +15.7% |
| Garrett County | $400K | $460K | +15.0% |
| Allegany County | $132.4K | $135.1K | +2.0% |
Housing Supply in Garrett County, MD
How many homes are available in Garrett County, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 210 | 263 | +25.2% |
Summary: The Garrett County real estate market had 263 homes for sale in May 2024, a 25.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 10 | +25.0% |
| 2 Bedrooms | 31 | 37 | +19.4% |
| 3 Bedrooms | 61 | 82 | +34.4% |
| 4 Bedrooms | 34 | 43 | +26.5% |
| 5+ Bedrooms | 76 | 91 | +19.7% |
Summary: The Garrett County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 19.4%, 3 bedroom homes increased by 34.4%, 4 bedroom homes increased by 26.5%, and 5+ bedroom homes increased by 19.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 16 | -11.1% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Garrett County, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in Garrett County in May 2024, down by 11.1% month-over-month. Of the 16 sold homes, 63% were sold under asking, 19% were sold at asking, and 19% were sold over asking.
Days on Market for Garrett County, MD
How long does it take to sell a home in Garrett County, MD?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 54 Days | +70.6% |
Summary: Homes in Garrett County had an average of 54 days on market in May 2024, up by 70.6% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Garrett County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 16 homes were sold in Garrett County; 56% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
