Garrett County Real Estate Market Summary – June 2025
Key Market Indicators
Based on the Bright MLS SmartCharts report for June 2025:
- Closed Sales: 24 homes sold, down 17.2% compared to June 2024 (29 sales).
- Median Sold Price: $550,000, a sharp increase of 78% year-over-year (from $309,000).
- Average Sold Price: $673,151, down slightly (–2.8%) from last year.
- Days on Market (DOM): Homes took an average of 91 days to sell.
- Sale-to-List Price Ratio: Sellers received on average 91.1% of original list price.
Inventory and Contracts
- Active Listings: 290, up 31.8% year-over-year.
- New Listings: 75, a 15.4% increase compared to June 2024.
- Pending Sales: 60 homes were under contract, up 13.2% from last year.
Market Dynamics & Analysis
- The sharp rise in median price (to $550K) suggests more high-value homes sold in June, even though the average price declined slightly. This reflects a shift in the sales mix rather than broad-based appreciation.
- Fewer overall sales combined with higher inventory points to sellers facing more competition and buyers having greater leverage.
- Longer days on market (91 vs. 50 last year) show that buyers are taking more time, and properties need strong marketing and strategic pricing to attract offers.
- Pending sales growth (+13%) shows that demand is still present, but buyers are likely waiting for the right opportunities at the right price.
What Buyers Should Know
- You have more inventory and negotiating power. With homes staying on the market longer, there’s more room to negotiate on price and terms.
- Higher median prices reflect luxury sales, but opportunities remain in mid-market segments where competition is lower.
What Sellers Should Know
- Pricing competitively is critical. Buyers are cautious, and overpriced homes will sit longer.
- Staging, curb appeal, and professional marketing are more important than ever as inventory rises.
- Cash buyers still make up a notable portion (25% of sales), offering smoother, faster closings when available.
Takeaway
June 2025 in Garrett County showed: sales volume declined, inventory grew, and days on market lengthened. However, high-value transactions lifted the median price sharply. Buyers currently hold more negotiating power, while sellers need to price wisely and invest in presentation to secure timely sales.