The Long & Foster Market Minute

FOCUS ON: ELLICOTT CITY HOUSING MARKET MAY 2024

Zip Code(s): 21042 and 21043
Units Sold
98
Active Inventory
89
Median Sale Price
$795,557
Days On Market
9
No Change
Vs. Year Ago
Down -27%
Vs. Year Ago
Up 25%
Vs. Year Ago
Down -50%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 98 sold this month in Ellicott City Real Estate, an increase of 11%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 33 units or 27%. The total number of active inventory this May was 89 compared to 122 in May 2023. This month's total of 89 is lower than the previous month's total supply of available inventory of 102, a decrease of 13%.

Median Sale Price
Last May, the median sale price for Ellicott City Homes was $637,500. This May, the median sale price was $795,557, an increase of 25% or $158,057 compared to last year. The current median sold price is 15% higher than in April.

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


New Listings
113
Current Contracts
116
Sold Vs. List Price
103.8%
Months of Supply
0.9
Up 10%
Vs. Year Ago
Up 18%
Vs. Year Ago
No Change
Vs. Year Ago
Down -27%
Vs. Year Ago

Months of Supply
In May, there was 0.9 months of supply available in Ellicott City, compared to 1.2 in May 2023. That is a decrease of 27% 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 113 homes newly listed for sale in Ellicott City compared to 103 in May 2023, an increase of 10%. There were 116 current contracts pending sale this May compared to 98 a year ago. The number of current contracts is 18% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Ellicott City was 103.8% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 9, lower than the average last year, which was 18, a decrease of 50%.

The Long & Foster Market Minute Ellicott City are defined as properties listed in zip code/s 21042 and 21043.
*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.