Is Essex, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Essex has remained a Seller's Market.
Key Takeaway
Essex is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Essex, MD
How much do homes in Essex, MD cost?
Median Sold Price
$269,500
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Essex have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Essex was $269,500 in April 2024, up 3.7% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $362.5K | $122.8K | -66.1% |
| 2 Bedrooms | $189K | $202.5K | +7.1% |
| 3 Bedrooms | $239.9K | $256K | +6.7% |
| 4 Bedrooms | $317.5K | $337K | +6.1% |
| 5+ Bedrooms | $375.5K | $375K | -0.1% |
Summary: Essex housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 66.1%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes decreased by 0.1%.
Median Sold Price Compared To Nearby Cities
| Sparrows Point | $367K | $386.5K | +5.3% |
| Essex | $259.9K | $269.5K | +3.7% |
| Middle River | $305K | $312.3K | +2.4% |
Housing Supply in Essex, MD
How many homes are available in Essex, MD?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 108 | 115 | +6.5% |
Summary: The Essex real estate market had 115 homes for sale in April 2024, a 6.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 16 | 15 | -6.3% |
| 3 Bedrooms | 60 | 55 | -8.3% |
| 4 Bedrooms | 30 | 41 | +36.7% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The Essex housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 6.3%, 3 bedroom homes decreased by 8.3%, 4 bedroom homes increased by 36.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 37 | 24 | -35.1% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Essex, you could pay more than the asking price. 62.5% of homes here sold above asking price last month.
Summary: A total of 24 homes were sold or pending in Essex in April 2024, down by 35.1% month-over-month. Of the 24 sold homes, 38% were sold under asking, 0% were sold at asking, and 63% were sold over asking.
Days on Market for Essex, MD
How long does it take to sell a home in Essex, MD?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 35 Days | 25 Days | -29.1% |
Summary: Homes in Essex had an average of 25 days on market in Apr 2024, down by 29.1% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Essex are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 24 homes were sold in Essex; 79% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
