Howard County Market Report: December 2023 vs. December 2024

1. Median List Price

December 2023: $550,000
December 2024: $540,000
Difference: Decreased by $10,000 (-1.8%).
Analysis: The slight decline in list prices showed that sellers adjusted their expectations to meet market demand, potentially reflecting a stabilizing market.

2. Median Sold Price

December 2023: $530,000
December 2024: $564,000
Difference: Increased by $34,000 (+6.4%).
Analysis: Despite the slight drop in list prices, sold prices rose significantly, highlighting strong buyer demand and competitive offers driving up final sale prices.

3. Days on Market (DOM)

December 2023: 19 days
December 2024: 23 days
Difference: Increased by 4 days (+21%).
Analysis: Homes stayed on the market slightly longer in December 2024, suggesting buyers took more time to evaluate higher-priced options or a slower seasonal pace.

4. Number of Homes That Went Pending vs. Sold

Pending Homes:
December 2023: 141
December 2024: 139
Difference: Decreased by 2 homes (-1.4%).

Sold Homes:
December 2023: 247
December 2024: 238
Difference: Decreased by 9 homes (-3.6%).
Analysis: The slight decline in pending and sold transactions reflected a more balanced market with steady buyer interest, albeit slightly fewer completed sales.

Summary

In December 2024, Howard County experienced a slight drop in median list prices compared to December 2023, while median sold prices rose sharply, confirming strong buyer demand. Homes took a bit longer to sell, indicating a more intentional market pace. Both pending and completed transactions decreased slightly, showing a stable yet measured market activity. Overall, sellers benefited from higher sale prices, while buyers navigated a slightly slower but still competitive environment.