$1,395 Closing Credit*
$117,500
1,050 SqFt
2 Beds
•1 Full Bath
Keith J French, Listing Office: Blue Star Real Estate, LLC
Is Southwest, 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, Southwest was a Seller's Market.
Key Takeaway
Southwest is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Southwest, MD
How much do homes in Southwest, MD cost?
Median Sold Price
$146,447
$125/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$3,198(-2.1%)
Key Takeaway
Homes in Southwest have sold for 2.1% less than they did a year ago.
Summary: The median home sold price in Southwest was $146,447 in October 2024, down 2.1% from last year, and the median price per square foot was $125.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $61.6K | $153K | +148.4% |
| 2 Bedrooms | $134.9K | $101.3K | -24.9% |
| 3 Bedrooms | $134.3K | $130K | -3.2% |
| 4 Bedrooms | $210K | $239K | +13.8% |
| 5+ Bedrooms | $250K | $299.9K | +20.0% |
Summary: Southwest housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 148.4%, 2 bedroom homes decreased by 24.9%, 3 bedroom homes decreased by 3.2%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 20%.
Median Sold Price Compared To Nearby Neighborhoods
| Allendale | $130K | $175K | +34.6% |
| Saint Joseph's | $134K | $175K | +30.6% |
| Southwest | $149.6K | $146.4K | -2.1% |
Housing Supply in Southwest, MD
How many homes are available in Southwest, MD?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 462 | 523 | +13.2% |
Summary: The Southwest real estate market had 523 homes for sale in October 2024, a 13.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 5 | -16.7% |
| 2 Bedrooms | 131 | 150 | +14.5% |
| 3 Bedrooms | 226 | 252 | +11.5% |
| 4 Bedrooms | 80 | 91 | +13.8% |
| 5+ Bedrooms | 19 | 25 | +31.6% |
Summary: The Southwest housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 14.5%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 31.6%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 78 | 65 | -16.7% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
29 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southwest, you could pay more than the asking price. 44.6% of homes here sold above asking price last month.
Summary: A total of 65 homes were sold or pending in Southwest in October 2024, down by 16.7% month-over-month. Of the 65 sold homes, 38% were sold under asking, 17% were sold at asking, and 45% were sold over asking.
Days on Market for Southwest, MD
How long does it take to sell a home in Southwest, MD?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 33 Days | 51 Days | +56.6% |
Summary: Homes in Southwest had an average of 51 days on market in Oct 2024, up by 56.6% compared to last year.
Breakdown of Home Sale Times
37 Homes Were Sold
Under 30 Days
20 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Southwest are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 65 homes were sold in Southwest; 57% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
