Is 20877, MD a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 20877 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 20877 has remained a Seller's Market.

Key Takeaway

20877 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 20877, MD

How much do homes in 20877, MD cost?

Median Sold Price

$490,000

$245/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$22,500(+4.8%)

Key Takeaway

Homes in 20877 have sold for 4.8% more than they did a year ago.

Summary: The median home sold price in 20877 was $490,000 in October 2024, up 4.8% from last year, and the median price per square foot was $245.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $137.5K$162K
+17.8%
2 $178K$230K
+29.2%
3 $425K$450K
+5.9%
4 $565.5K$600K
+6.1%
5+ $622K$662.5K
+6.5%

Summary: 20877 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.8%, 2 bedroom homes increased by 29.2%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes increased by 6.5%.

Median Sold Price Compared To Nearby Zip Codes

20879
+6.6%
20877
+4.8%
20886
+4.0%

Housing Supply in 20877, MD

How many homes are available in 20877, MD?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4249+16.7%

Summary: The 20877 real estate market had 49 homes for sale in October 2024, a 16.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 43
-25.0%
3 1422
+57.1%
4 1614
-12.5%
5+ 79
+28.6%

Summary: The 20877 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 57.1%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1813-27.8%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 20877, you could pay more than the asking price. 46.2% of homes here sold above asking price last month.

Summary: A total of 13 homes were sold or pending in 20877 in October 2024, down by 27.8% month-over-month. Of the 13 sold homes, 38% were sold under asking, 15% were sold at asking, and 46% were sold over asking.

Days on Market for 20877, MD

How long does it take to sell a home in 20877, MD?

Average Sale Time

Oct 2023Oct 2024CHANGE
21 Days16 Days-22.8%

Summary: Homes in 20877 had an average of 16 days on market in Oct 2024, down by 22.8% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 20877 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 13 homes were sold in 20877; 85% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in 20877, MD

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