The Long & Foster Market Minute

Focus On: Millersville and Severn Housing Market October 2022

Zip Code(s): 21144 and 21108
Units Sold
40
Active Inventory
63
Median Sale Price
$472,500
Days On Market
23
Down
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 64%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 40 sold this month in Millersville and Severn Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 3 units or 5%. The total number of active inventory this October was 63 compared to 60 in October 2021. This month's total of 63 is lower than the previous month's total supply of available inventory of 70, a decrease of 10%.

Median Sale Price
Last October, the median sale price for Millersville and Severn Homes was $495,000. This October, the median sale price was $472,500, a decrease of 5% or $22,500 compared to last year. The current median sold price is 7% lower than in September.

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


New Listings
60
Current Contracts
59
Sold Vs. List Price
100.5%
Months of Supply
1.6
Down -26%
Vs. Year Ago
Down -39%
Vs. Year Ago
Down -1.4%
Vs. Year Ago
Up 129%
Vs. Year Ago

Months of Supply
In October, there was 1.6 months of supply available in Millersville and Severn, compared to 0.7 in October 2021. That is an increase of 128% 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 60 homes newly listed for sale in Millersville and Severn compared to 81 in October 2021, a decrease of 26%. There were 59 current contracts pending sale this October compared to 96 a year ago. The number of current contracts is 39% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Millersville and Severn was 100.5% of the average list price, which is 1.4% lower than at this time last year.

Days on Market
This month, the average number of days on market was 23, higher than the average last year, which was 14, an increase of 64%.

The Long & Foster Market Minute Millersville and Severn are defined as properties listed in zip code/s 21144 and 21108.
*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.