The Long & Foster Market Minute

Focus On: Elkridge Housing Market May 2022

Zip Code(s): 21075
Units Sold
53
Active Inventory
11
Median Sale Price
$418,000
Days On Market
10
Up 4%
Vs. Year Ago
Down -66%
Vs. Year Ago
Down -3%
Vs. Year Ago
Down -23%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 53 sold this month in Elkridge Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 21 units or 66%. The total number of active inventory this May was 11 compared to 32 in May 2021. This month's total of 11 is lower than the previous month's total supply of available inventory of 16, a decrease of 31%.

Median Sale Price
Last May, the median sale price for Elkridge Homes was $430,000. This May, the median sale price was approximately the same at $418,000. The current median sold price is 3% lower than in May 2021.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
41
Current Contracts
40
Sold Vs. List Price
103.6%
Months of Supply
0.2
Down -40%
Vs. Year Ago
Down -34%
Vs. Year Ago
Up 1.5%
Vs. Year Ago
Down -67%
Vs. Year Ago

Months of Supply
In May, there was 0.2 months of supply available in Elkridge, compared to 0.6 in May 2021. That is a decrease of 67% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 41 homes newly listed for sale in Elkridge compared to 68 in May 2021, a decrease of 40%. There were 40 current contracts pending sale this May compared to 61 a year ago. The number of current contracts is 34% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Elkridge was 103.6% of the average list price, which is 1.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 10, lower than the average last year, which was 13, a decrease of 23%.

The Long & Foster Market Minute Elkridge are defined as properties listed in zip code/s 21075.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.