The Long & Foster Market Minute
Focus On: Northern Laurel, Jessup, and Savage Housing Market February 2023
Zip Code(s): 20723, 20794 and 20763
Units Sold
34		 Active Inventory
28		 Median Sale Price
$604,990		 Days On Market
26
No Change
Vs. Year Ago		 Down -52%
Vs. Year Ago		 Up
Vs. Year Ago		 Up 44%
Vs. Year Ago
Units Sold
There was an increase in total units sold in February, with 34 sold this month in Northern Laurel, Jessup, and Savage Real Estate, an increase of 42%. 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 30 units or 52%. The total number of active inventory this February was 28 compared to 58 in February 2022. This month's total of 28 is lower than the previous month's total supply of available inventory of 45, a decrease of 38%.
Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last February, the median sale price for Northern Laurel, Jessup, and Savage Homes was $509,250. This February, the median sale price was $604,990, an increase of $95,740 compared to last year. The current median sold price is 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
44		 Current Contracts
50		 Sold Vs. List Price
99.8%		 Months of Supply
0.8
Down -17%
Vs. Year Ago		 Up 19%
Vs. Year Ago		 Down -1.4%
Vs. Year Ago		 Down -52%
Vs. Year Ago
Months of Supply
In February, there was 0.8 months of supply available in Northern Laurel, Jessup, and Savage, compared to 1.7 in February 2022. That is a decrease of 52% 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 44 homes newly listed for sale in Northern Laurel, Jessup, and Savage compared to 53 in February 2022, a decrease of 17%. There were 50 current contracts pending sale this February compared to 42 a year ago. The number of current contracts is 19% higher than last February.
Sale Price to List Price Ratio
In February, the average sale price in Northern Laurel, Jessup, and Savage was 99.8% of the average list price, which is 1.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 26, higher than the average last year, which was 18, an increase of 44%.
The Long & Foster Market Minute Northern Laurel, Jessup, and Savage are defined as properties listed in zip code/s 20723, 20794 and 20763.
*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.