Garrett County Real Estate Market Summary – May 2025
Key Market Indicators
Based on the Bright MLS SmartCharts report for May 2025:
- Closed Sales: 35 homes sold, up 12.9% from May 2024 (31 sales).
- Median Sold Price: $425,000, up 19.7% year-over-year (from $355,000).
- Average Sold Price: $626,235, compared to $668,129 last year.
- Sold Dollar Volume: $23.01M, up 6.3% compared to May 2024.
- Days on Market (DOM): Homes took an average of 59 days to sell, slightly slower than last year’s 52 days (+13%).
- Sale-to-List Price Ratio: Sellers received an average of 92.8% of original list price.
Inventory and Contracts
- Active Listings: 264, up 26.9% year-over-year.
- New Listings: 76, unchanged from May 2024.
- Pending Sales: 41 total pendings, flat compared to last year.
Financing Breakdown
- Cash Sales: 13
- Conventional Loans: 16
- FHA Loans: 2
- VA Loans: 2
Market Dynamics & Analysis
- The rise in median price (to $425K) despite a drop in the average price suggests more mid-market sales activity, while fewer luxury transactions brought the average down.
- Stronger sales volume (up nearly 13%) combined with higher inventory shows that demand is still present, but buyers have more choices.
- Days on market edged up slightly, reflecting a market where buyers are more deliberate and sellers need to be strategic with pricing.
- The split between cash (37% of sales) and financed purchases highlights continued demand from investors and second-home buyers.
What Buyers Should Know
- Inventory levels are rising, giving you more options.
- Sellers are accepting slightly less of their original asking prices, leaving room for negotiation.
- The increase in mid-priced sales suggests opportunities exist outside of the luxury segment.
What Sellers Should Know
- Homes are still selling, but pricing aggressively in line with comps is essential to avoid extended market time.
- With nearly 27% more active listings, standing out with strong marketing and presentation is critical.
- Cash buyers remain a strong presence, which can mean smoother and faster transactions.
Takeaway
May 2025 in Garrett County showed a healthy but competitive market: sales and median prices were up, but average prices slipped and days on market lengthened slightly. Buyers benefit from more options and negotiating leverage, while sellers can still achieve solid results with strategic pricing and strong marketing.