The Long & Foster Market Minute

Focus On: Millersville and Severn Housing Market January 2024

Zip Code(s): 21144 and 21108
Units Sold
30
Active Inventory
36
Median Sale Price
$533,500
Days On Market
40
Up
Vs. Year Ago
Down -36%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in January, with 30 sold this month in Millersville and Severn Real Estate. This month's total units sold was higher than at this time last year, an increase from January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 20 units or 36%. The total number of active inventory this January was 36 compared to 56 in January 2023. This month's total of 36 is lower than the previous month's total supply of available inventory of 43, a decrease of 16%.

Median Sale Price
Last January, the median sale price for Millersville and Severn Homes was $491,250. This January, the median sale price was $533,500, an increase of 9% or $42,250 compared to last year. The current median sold price is 3% lower than in December.

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


New Listings
37
Current Contracts
38
Sold Vs. List Price
100.2%
Months of Supply
1.2
Down -18%
Vs. Year Ago
Up 12%
Vs. Year Ago
Up 1.7%
Vs. Year Ago
Down -40%
Vs. Year Ago

Months of Supply
In January, there was 1.2 months of supply available in Millersville and Severn, compared to 2.0 in January 2023. That is a decrease of 40% 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 37 homes newly listed for sale in Millersville and Severn compared to 45 in January 2023, a decrease of 18%. There were 38 current contracts pending sale this January compared to 34 a year ago. The number of current contracts is 12% higher than last January.

Sale Price to List Price Ratio
In January, the average sale price in Millersville and Severn was 100.2% of the average list price, which is 1.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 40, lower than the average last year, which was 47, a decrease of 15%.

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.