$1,009 Closing Credit*
$85,000
1,400 SqFt
3 Beds
•1 Full Bath, 1 Partial
Alexander McKenzie, Listing Office: Long & Foster Real Estate, Inc.
Is Somerset County, 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, Somerset County was a Seller's 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
$200,750
$146/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$12,750(+6.8%)
Key Takeaway
Homes in Somerset County have sold for 6.8% more than they did a year ago.
Summary: The median home sold price in Somerset County was $200,750 in October 2024, up 6.8% from last year, and the median price per square foot was $146.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75K | $86.2K | +15.0% |
| 2 Bedrooms | $151.9K | $137.4K | -9.6% |
| 3 Bedrooms | $200K | $214.9K | +7.5% |
| 4 Bedrooms | $201.5K | $242.4K | +20.3% |
| 5+ Bedrooms | $223.5K | $345K | +54.4% |
Summary: Somerset County housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15%, 2 bedroom homes decreased by 9.6%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 20.3%, and 5+ bedroom homes increased by 54.4%.
Median Sold Price Compared To Nearby Counties
| Somerset County | $188K | $200.7K | +6.8% |
| Wicomico County | $250.5K | $265K | +5.8% |
| Accomack County | $329.5K | $335K | +1.7% |
| Worcester County | $424.9K | $425K | 0.0% |
Housing Supply in Somerset County, MD
How many homes are available in Somerset County, MD?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 139 | 140 | +0.7% |
Summary: The Somerset County real estate market had 140 homes for sale in October 2024, a 0.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 17 | 16 | -5.9% |
| 3 Bedrooms | 93 | 90 | -3.2% |
| 4 Bedrooms | 21 | 23 | +9.5% |
| 5+ Bedrooms | 7 | 9 | +28.6% |
Summary: The Somerset County housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 5.9%, 3 bedroom homes decreased by 3.2%, 4 bedroom homes increased by 9.5%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 20 | 9 | -55.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 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. 77.8% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Somerset County in October 2024, down by 55.0% month-over-month. Of the 9 sold homes, 78% were sold under asking, 22% were sold at asking, and 0% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 63 Days | 40 Days | -35.9% |
Summary: Homes in Somerset County had an average of 40 days on market in Oct 2024, down by 35.9% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 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 October 2024, 9 homes were sold in Somerset County; 44% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
