$1,000,000
4.45 Acres
Land
Sandra K Libby, Listing Office: Long & Foster Real Estate, Inc.
Is Solomons, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Solomons has remained a Seller's Market.
Key Takeaway
Solomons is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Solomons, MD
How much do homes in Solomons, MD cost?
Median Sold Price
$503,450
$234/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$115,975(+29.9%)
Key Takeaway
Homes in Solomons have sold for 29.9% more than they did a year ago.
Summary: The median home sold price in Solomons was $503,450 in October 2024, up 29.9% from last year, and the median price per square foot was $234.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $389K | $383.7K | -1.3% |
| 3 Bedrooms | $384.5K | $509.9K | +32.6% |
| 4 Bedrooms | $312.5K | $542.4K | +73.6% |
| 5+ Bedrooms | $700K | $1.5M | +114.9% |
Summary: Solomons 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 decreased by 1.3%, 3 bedroom homes increased by 32.6%, 4 bedroom homes increased by 73.6%, and 5+ bedroom homes increased by 114.9%.
Housing Supply in Solomons, MD
How many homes are available in Solomons, MD?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 20 | 19 | -5.0% |
Summary: The Solomons real estate market had 19 homes for sale in October 2024, a 5.0% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 12 | 9 | -25.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Solomons 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 increased by 20%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 4 | -42.9% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Solomons, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in Solomons in October 2024, down by 42.9% month-over-month. Of the 4 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% were sold over asking.
Days on Market for Solomons, MD
How long does it take to sell a home in Solomons, MD?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 37 Days | 8 Days | -76.7% |
Summary: Homes in Solomons had an average of 8 days on market in Oct 2024, down by 76.7% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Solomons are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 4 homes were sold in Solomons; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
