$6,530 Closing Credit*
$549,900
2,602 SqFt
5 Beds
•3 Full Baths
Lan Yin, Listing Office: LuxManor Real Estate, Inc
Is Lanham, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Lanham was a Buyer's Market.
Key Takeaway
Lanham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lanham, MD
How much do homes in Lanham, MD cost?
Median Sold Price
$455,000
$251/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$25,000(+5.8%)
Key Takeaway
Homes in Lanham have sold for 5.8% more than they did a year ago.
Summary: The median home sold price in Lanham was $455,000 in October 2024, up 5.8% from last year, and the median price per square foot was $251.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $305K | $360K | +18.0% |
| 3 Bedrooms | $404K | $450K | +11.4% |
| 4 Bedrooms | $430K | $466K | +8.4% |
| 5+ Bedrooms | $532.5K | $470K | -11.7% |
Summary: Lanham housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 18%, 3 bedroom homes increased by 11.4%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes decreased by 11.7%.
Housing Supply in Lanham, MD
How many homes are available in Lanham, MD?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 28 | 28 | 0.0% |
Summary: The Lanham real estate market had 28 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 16 | 14 | -12.5% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 9 | 10 | +11.1% |
Summary: The Lanham 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 remained the same, 3 bedroom homes decreased by 12.5%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 12 | 8 | -33.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lanham, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Lanham in October 2024, down by 33.3% month-over-month. Of the 8 sold homes, 50% were sold under asking, 13% were sold at asking, and 38% were sold over asking.
Days on Market for Lanham, MD
How long does it take to sell a home in Lanham, MD?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 21 Days | 57 Days | +165.7% |
Summary: Homes in Lanham had an average of 57 days on market in Oct 2024, up by 165.7% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lanham are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 8 homes were sold in Lanham; 50% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.
