Is Elkton, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Elkton was a Seller's Market.
Key Takeaway
Elkton is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Elkton, MD
How much do homes in Elkton, MD cost?
Median Sold Price
$324,822
$176/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Elkton have sold for 10.1% more than they did a year ago.
Summary: The median home sold price in Elkton was $324,822 in May 2024, up 10.1% from last year, and the median price per square foot was $176.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $190K | N/A |
| 2 Bedrooms | $190K | $240K | +26.3% |
| 3 Bedrooms | $265K | $300K | +13.2% |
| 4 Bedrooms | $420K | $375K | -10.7% |
| 5+ Bedrooms | $578.4K | $495K | -14.4% |
Summary: Elkton housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 26.3%, 3 bedroom homes increased by 13.2%, 4 bedroom homes decreased by 10.7%, and 5+ bedroom homes decreased by 14.4%.
Median Sold Price Compared To Nearby Cities
| Elkton | $295K | $324.8K | +10.1% |
| Glasgow | $387K | $402.5K | +4.0% |
Housing Supply in Elkton, MD
How many homes are available in Elkton, MD?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 109 | 125 | +14.7% |
Summary: The Elkton real estate market had 125 homes for sale in May 2024, a 14.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 8 | 8 | 0.0% |
| 3 Bedrooms | 50 | 53 | +6.0% |
| 4 Bedrooms | 40 | 47 | +17.5% |
| 5+ Bedrooms | 10 | 16 | +60.0% |
Summary: The Elkton housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 17.5%, and 5+ bedroom homes increased by 60%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 27 | 19 | -29.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elkton, you could pay more than the asking price. 42.1% of homes here sold above asking price last month.
Summary: A total of 19 homes were sold or pending in Elkton in May 2024, down by 29.6% month-over-month. Of the 19 sold homes, 21% were sold under asking, 37% were sold at asking, and 42% were sold over asking.
Days on Market for Elkton, MD
How long does it take to sell a home in Elkton, MD?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 13 Days | 26 Days | +94.4% |
Summary: Homes in Elkton had an average of 26 days on market in May 2024, up by 94.4% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Elkton are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 19 homes were sold in Elkton; 84% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
