The Long & Foster Market Minute

Focus On: Northern Laurel, Jessup, and Savage Housing Market June 2021

Zip Code(s): 20723, 20794 and 20763
Units Sold
74
Active Inventory
32
Median Sale Price
$423,750
Days On Market
11
Up
Vs. Year Ago
Down -45%
Vs. Year Ago
Up 20%
Vs. Year Ago
Down -48%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in June, with 74 sold this month in Northern Laurel, Jessup, and Savage Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 26 units or 45%. The total number of active inventory this June was 32 compared to 58 in June 2020. This month's total of 32 is lower than the previous month's total supply of available inventory of 36, a decrease of 11%.

Median Sale Price
Last June, the median sale price for Northern Laurel, Jessup, and Savage Homes was $352,500. This June, the median sale price was $423,750, an increase of 20% or $71,250 compared to last year. The current median sold price is 4% lower than in May.

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


New Listings
75
Current Contracts
68
Sold Vs. List Price
103.0%
Months of Supply
0.4
Up 14%
Vs. Year Ago
No Change
Vs. Year Ago
Up 3.6%
Vs. Year Ago
Down -63%
Vs. Year Ago

Months of Supply
In June, there was 0.4 months of supply available in Northern Laurel, Jessup, and Savage, compared to 1.2 in June 2020. That is a decrease of 63% 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 75 homes newly listed for sale in Northern Laurel, Jessup, and Savage compared to 66 in June 2020, an increase of 14%. There were 68 current contracts pending sale this June, consistent with the volume a year ago. The number of current contracts is 8% lower than last month.

Sale Price to List Price Ratio
In June, the average sale price in Northern Laurel, Jessup, and Savage was 103.0% of the average list price, which is 3.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 11, lower than the average last year, which was 21, a decrease of 48%.

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.