$2,316 Closing Credit*
$195,000
1,620 SqFt
4 Beds
•2 Full Baths
Kimberly R Fennoy, Listing Office: Elite Realty Services, LLC
Is Northwest, 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, Northwest was a Seller's Market.
Key Takeaway
Northwest is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Northwest, MD
How much do homes in Northwest, MD cost?
Median Sold Price
$200,000
$131/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$640(+0.3%)
Key Takeaway
The sold price of homes in Northwest has remained the same since last year.
Summary: The median home sold price in Northwest was $200,000 in October 2024, up 0.3% from last year, and the median price per square foot was $131.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $85K | $85K | 0.0% |
| 2 Bedrooms | $127K | $140K | +10.2% |
| 3 Bedrooms | $162.5K | $170.3K | +4.8% |
| 4 Bedrooms | $230.5K | $241K | +4.6% |
| 5+ Bedrooms | $358K | $363.5K | +1.5% |
Summary: Northwest 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 10.2%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes increased by 1.5%.
Median Sold Price Compared To Nearby Neighborhoods
| Northwest | $199.3K | $200K | 0.3% |
| Woodmere | $160K | $126K | -21.3% |
Housing Supply in Northwest, MD
How many homes are available in Northwest, MD?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 318 | 345 | +8.5% |
Summary: The Northwest real estate market had 345 homes for sale in October 2024, a 8.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 38 | 42 | +10.5% |
| 3 Bedrooms | 126 | 140 | +11.1% |
| 4 Bedrooms | 92 | 98 | +6.5% |
| 5+ Bedrooms | 59 | 63 | +6.8% |
Summary: The Northwest housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 6.8%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 50 | 38 | -24.0% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwest, you may be able to get a good deal. 34.2% of homes here sold below asking price last month.
Summary: A total of 38 homes were sold or pending in Northwest in October 2024, down by 24.0% month-over-month. Of the 38 sold homes, 34% were sold under asking, 32% were sold at asking, and 34% were sold over asking.
Days on Market for Northwest, MD
How long does it take to sell a home in Northwest, MD?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 26 Days | 29 Days | +11.9% |
Summary: Homes in Northwest had an average of 29 days on market in Oct 2024, up by 11.9% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northwest are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 38 homes were sold in Northwest; 71% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
