Somerset County, MD housing market

What this means

• Valuation. Prices are roughly in line with local incomes (+3% vs. this area's pre-2020 price-to-income norm).
• Prices. Home values are up 3.1% over the past year (U.S.: +1.2%).
• Supply. Listings are 26% below the 2017-19 norm: still a tight market.
• Negotiating. Buyer leverage is high (84/100; U.S.: 54): homes sell for about 5.3% below their final list price; 23% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 25% of the median household income (U.S.: 35%); it takes about $55k a year to keep the payment at 30% of gross pay. That includes about $1,470 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $238 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding. Flood isn't covered by standard homeowners insurance.
• Outlook. No clear direction: likely −8% to +8% over the next 12 months (59% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −8.2% to +8.2% (80% range; middle estimate +1.3%), chance of a rise 59%, of a 5%+ drop 18%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

ZIP codes in Somerset County, MD