The Long & Foster Market Minute

Focus On: Laurel Housing Market February 2023

Zip Code(s): 20707, 20708, 20723 and 20724
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -29%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 17%
Vs. Year Ago
Up 32%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 71 sold this month in Laurel Real Estate versus 61 last month, an increase of 16%. This month's total units sold was lower than at this time last year, a decrease of 29% versus February 2022.

Active Inventory
Versus last year, the total number of homes available this month is lower by 12 units or 12%. The total number of active inventory this February was 88 compared to 100 in February 2022. This month's total of 88 is lower than the previous month's total supply of available inventory of 98, a decrease of 10%.

Median Sale Price
Last February, the median sale price for Laurel Homes was $418,000. This February, the median sale price was $490,990, an increase of 17% or $72,990 compared to last year. The current median sold price is 16% higher than in January.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -15%
Vs. Year Ago
Down -16%
Vs. Year Ago
Down -1.6%
Vs. Year Ago
Up 24%
Vs. Year Ago

Months of Supply
In February, there was 1.2 months of supply available in Laurel, compared to 1.0 in February 2022. That is an increase of 24% 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 99 homes newly listed for sale in Laurel compared to 116 in February 2022, a decrease of 15%. There were 95 current contracts pending sale this February compared to 113 a year ago. The number of current contracts is 16% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in Laurel was 100.0% of the average list price, which is 1.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 25, higher than the average last year, which was 19, an increase of 32%.

The Long & Foster Market Minute Laurel are defined as properties listed in zip code/s 20707, 20708, 20723 and 20724.
*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.