The Long & Foster Market Minute

Focus On: Olney, Derwood, and Brookeville Housing Market March 2024

Zip Code(s): 20832, 20855, 20833, 20860, 20862 and 20861
Units Sold
34
Active Inventory
34
Median Sale Price
$635,500
Days On Market
12
Down
Vs. Year Ago
Down -33%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 34 sold this month in Olney, Derwood, and Brookeville Real Estate. This month's total units sold was lower than at this time last year, a decrease from March 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 17 units or 33%. The total number of active inventory this March was 34 compared to 51 in March 2023. This month's total of 34 is lower than the previous month's total supply of available inventory of 49, a decrease of 31%.

Median Sale Price
Last March, the median sale price for Olney, Derwood, and Brookeville Homes was $625,000. This March, the median sale price was $635,500, an increase of 2% or $10,500 compared to last year. The current median sold price is 15% lower 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
40
Current Contracts
53
Sold Vs. List Price
103.5%
Months of Supply
1.0
Down -38%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 3.7%
Vs. Year Ago
Down -19%
Vs. Year Ago

Months of Supply
In March, there was 1.0 months of supply available in Olney, Derwood, and Brookeville, compared to 1.2 in March 2023. That is a decrease of 20% 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 40 homes newly listed for sale in Olney, Derwood, and Brookeville compared to 64 in March 2023, a decrease of 38%. There were 53 current contracts pending sale this March compared to 52 a year ago. The number of current contracts is 2% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Olney, Derwood, and Brookeville was 103.5% of the average list price, which is 3.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 12, lower than the average last year, which was 27. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute Olney, Derwood, and Brookeville are defined as properties listed in zip code/s 20832, 20855, 20853, 20860, 20862 and 20861.
*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.