Selling Your Home in Laurelwood:
Key Market Insights
Selling in Laurelwood: What You Need to Know
As of October 2024, the Laurelwood real estate market presents a blend of strong demand, fluctuating inventory, and steady sales. Whether you are considering selling your home or simply monitoring the market, here are key insights based on data from sales since July 2021 and current active listings in the neighborhood.
Current Inventory and Listings:
Laurelwood currently has five active listings, with an average price of $3,133,000 and an average price per square foot of $1,020.47. These properties range in size from 2,386 to 3,750 square feet, reflecting the neighborhood’s diverse offerings, from spacious family homes to luxury estates. The average days on market (DOM) for active listings is 37 days, suggesting that homes are selling relatively quickly, but not without taking time to attract the right buyer.
This tight inventory highlights that although homes are being listed, they are not flooding the market, maintaining a degree of scarcity that continues to support strong pricing. The highest current listing is priced at $3,750,000, while the lowest is $1,999,999, with a median of $3,195,000, emphasizing that Laurelwood homes generally fall within a luxury bracket.
Laurelwood homes currently listed have an average price of $3,133,000 and an average price per square foot of $1,020.47.
Past Sales and Market Performance:
In the past few years, 79 single-family homes have sold in Laurelwood, with an average sale price of $2,557,255 and an average price per square foot of $904.30. It’s important to note that this data only reflects homes sold on the MLS. There have been several quiet, off-market sales as well, including one we sold in West Laurelwood, where discretion and privacy were key for the sellers.
On the MLS, homes have been selling at an average of 100.44% of their list price, indicating that well-priced homes are in high demand and often close at or above their asking price. The variety of final sale prices, from $1,500,000 to $4,985,000, highlights the diversity of properties in Laurelwood and the premium that buyers are willing to pay for unique features such as larger lots, updated amenities, or scenic views.
Laurelwood homes over the last three years are selling at an average of 100.44% of their list price.
What Sellers Should Know:
The Laurelwood market remains a seller’s market, with strong demand driving up prices and closing percentages. If you are considering selling, it’s crucial to understand that pricing your home correctly is key to achieving a sale within a reasonable time frame. Homes in Laurelwood sell on average within 30 days, and those priced in line with market trends tend to receive offers close to or above their asking price.
However, buyers are selective, and homes that linger on the market for extended periods may require price adjustments. Properties that have undergone recent renovations, such as updated HVAC systems or enhanced outdoor spaces, are commanding higher prices and faster sales.
Trends in Pricing and Demand:
Over the last three years, the average price per square foot has been steadily increasing, with active listings currently averaging $1,020.47 per square foot—higher than the average sales price of $904.30 per square foot for sold homes. This upward trend suggests that home values in Laurelwood are appreciating, driven by continued demand, limited inventory, and the desirable location of the neighborhood.
It’s worth noting that properties with desirable features, such as panoramic views, updated systems, and ample outdoor space, are seeing more competition among buyers. Buyers are also willing to pay a premium for larger lots, with higher prices often reflecting homes that offer both luxury and privacy.
Conclusion:
Selling in Laurelwood offers homeowners a prime opportunity to capitalize on a market where demand outstrips supply. With buyers actively seeking homes in this prestigious neighborhood, the key to success lies in pricing your home competitively, showcasing its best features, and working with an experienced real estate team that understands the nuances of this dynamic market.
For personalized advice on how to list your Laurelwood home or to understand what today’s buyers are looking for, contact us at Karen Misraje, Jack Misraje, or click here. As top specialists in the area, including handling quiet sales, we have the insights and expertise to help you achieve the best possible outcome for your property.
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