The Long & Foster Market Minute

Focus On: Laurel Housing Market March 2024

Zip Code(s): 20707, 20708, 20723 and 20724
Units Sold
82
Active Inventory
110
Median Sale Price
$524,345
Days On Market
17
Down -19%
Vs. Year Ago
Down -9%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -29%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 82 sold this month in Laurel Real Estate versus 80 last month, an increase of 3%. This month's total units sold was lower than at this time last year, a decrease of 19% versus March 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 11 units or 9%. The total number of active inventory this March was 110 compared to 121 in March 2023. This month's total of 110 is lower than the previous month's total supply of available inventory of 123, a decrease of 11%.

Median Sale Price
Last March, the median sale price for Laurel Homes was $450,000. This March, the median sale price was $524,345, an increase of 17% or $74,345 compared to last year. The current median sold price is 9% higher than in February.

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


New Listings
115
Current Contracts
108
Sold Vs. List Price
101.8%
Months of Supply
1.3
Down -24%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 1.1%
Vs. Year Ago
Up 12%
Vs. Year Ago

Months of Supply
In March, there was 1.3 months of supply available in Laurel, compared to 1.2 in March 2023. That is an increase of 12% 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 115 homes newly listed for sale in Laurel compared to 152 in March 2023, a decrease of 24%. There were 108 current contracts pending sale this March compared to 121 a year ago. The number of current contracts is 11% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Laurel was 101.8% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 24, a decrease of 29%.

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.