Is Somerset 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, Somerset County was a Neutral Market.
Key Takeaway
Somerset County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Somerset County, MD
How much do homes in Somerset County, MD cost?
Median Sold Price
$187,000
$134/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Somerset County have sold for 4.1% less than they did a year ago.
Summary: The median home sold price in Somerset County was $187,000 in May 2024, down 4.1% from last year, and the median price per square foot was $134.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | $27.5K | -71.1% |
| 2 Bedrooms | $85K | $139.9K | +64.6% |
| 3 Bedrooms | $210.4K | $195K | -7.3% |
| 4 Bedrooms | $259.5K | $219.5K | -15.4% |
| 5+ Bedrooms | $236.4K | $276K | +16.7% |
Summary: Somerset County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 71.1%, 2 bedroom homes increased by 64.6%, 3 bedroom homes decreased by 7.3%, 4 bedroom homes decreased by 15.4%, and 5+ bedroom homes increased by 16.7%.
Median Sold Price Compared To Nearby Counties
| Wicomico County | $245.1K | $265.1K | +8.2% |
| Worcester County | $410.3K | $419.9K | +2.3% |
| Somerset County | $195K | $187K | -4.1% |
Housing Supply in Somerset County, MD
How many homes are available in Somerset County, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 134 | 138 | +3.0% |
Summary: The Somerset County real estate market had 138 homes for sale in May 2024, a 3.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 19 | 17 | -10.5% |
| 3 Bedrooms | 82 | 86 | +4.9% |
| 4 Bedrooms | 27 | 28 | +3.7% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Somerset County 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 decreased by 10.5%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 9 | -59.1% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 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. 44.4% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Somerset County in May 2024, down by 59.1% month-over-month. Of the 9 sold homes, 44% were sold under asking, 33% were sold at asking, and 22% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 88 Days | 52 Days | -40.8% |
Summary: Homes in Somerset County had an average of 52 days on market in May 2024, down by 40.8% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Somerset County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Somerset County; 56% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
