The Long & Foster Market Minute

Focus On: Northern Laurel, Jessup, and Savage Housing Market January 2024

Zip Code(s): 20723, 20794 and 20763
Units Sold
29
Active Inventory
48
Median Sale Price
$559,000
Days On Market
24
Up 12%
Vs. Year Ago
No Change
Vs. Year Ago
Up
Vs. Year Ago
Down -4%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 29 sold this month in Northern Laurel, Jessup, and Savage Real Estate versus 44 last month, a decrease of 34%. This month's total units sold was higher than at this time last year, an increase of 12% versus January 2023.

Active Inventory
The total number of homes available this month is 48 units, which is similar compared to a year ago. This month's total of 48 is lower than the previous month's total supply of available inventory of 52, a decrease of 8%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last January, the median sale price for Northern Laurel, Jessup, and Savage Homes was $423,745. This January, the median sale price was $559,000, an increase of $135,255 compared to last year. The current median sold price is 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
42
Current Contracts
33
Sold Vs. List Price
100.4%
Months of Supply
1.7
Down -19%
Vs. Year Ago
Down -18%
Vs. Year Ago
No Change
Vs. Year Ago
Down -10%
Vs. Year Ago

Months of Supply
In January, there was 1.7 months of supply available in Northern Laurel, Jessup, and Savage, compared to 1.8 in January 2023. That is a decrease of 10% 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 42 homes newly listed for sale in Northern Laurel, Jessup, and Savage compared to 52 in January 2023, a decrease of 19%. There were 33 current contracts pending sale this January compared to 40 a year ago. The number of current contracts is 18% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Northern Laurel, Jessup, and Savage was 100.4% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 24, lower than the average last year, which was 25, a decrease of 4%.

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.