Real Estate Market Update for
20623 (Cheltenham, MD)
Welcome to August's Market Update. Let’s take a look at residential real-estate activity in your area during the month of July. The number of active listings was stable from one year earlier, and up 8% from the previous month. These latest figures mean that buyers had a greater selection of homes to choose from compared to the previous month. As you can see, the median listing price for the month was just under 370-thousand dollars. Compared to last year, the average number of days units spent on the market before being sold was up 55%. This higher number of days may signal a slowdown in the local inventory-turnover rate. The median sale price was just under 230-thousand dollars. The number of units sold decreased 40% year-over-year, and decreased 50% month-over-month. Fewer sales could indicate an opportunity for buyers to negotiate better terms. Thanks for watching. We hope you use this information to make smart, informed decisions in your upcoming real-estate transactions. Feel free to contact us for more information or further assistance.