The Long & Foster Market Minute

Focus On: Severna Park Housing Market March 2024

Zip Code(s): 21146
Units Sold
Active Inventory
Median Sale Price
Days On Market
Vs. Year Ago
Down -42%
Vs. Year Ago
Up 9%
Vs. Year Ago
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 23 sold this month in Severna Park Real Estate. This month's total units sold was higher than at this time last year, an increase from March 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 15 units or 42%. The total number of active inventory this March was 21 compared to 36 in March 2023. This month's total of 21 is lower than the previous month's total supply of available inventory of 23, a decrease of 9%.

Median Sale Price
Last March, the median sale price for Severna Park Homes was $631,000. This March, the median sale price was $685,000, an increase of 9% or $54,000 compared to last year. The current median sold price is 8% 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
Current Contracts
Sold Vs. List Price
Months of Supply
Down -21%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 1.7%
Vs. Year Ago
Down -54%
Vs. Year Ago

Months of Supply
In March, there was 0.9 months of supply available in Severna Park, compared to 2.0 in March 2023. That is a decrease of 54% 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 27 homes newly listed for sale in Severna Park compared to 34 in March 2023, a decrease of 21%. There were 28 current contracts pending sale this March compared to 29 a year ago. The number of current contracts is 3% lower than last March.

Sale Price to List Price Ratio
In March, the average sale price in Severna Park was 101.1% 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 18, lower than the average last year, which was 38. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute Severna Park are defined as properties listed in zip code/s 21146.
*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.