Downtown Frederick Real Estate Bulletin

April 16, 2025

Here’s a market narrative focused on downtown Frederick (ZIP 21701), based on the April 2025 data, with particular attention to:

% of homes sold below list
List-to-sold price ratios
Days on market in relation to property condition
High-end market activity (over $1 million)

Downtown Frederick’s spring market is dynamic, with a notable increase in buyer activity, balanced by cautious pricing and mixed results depending on condition, age, and price bracket. Here’s a deeper dive into the core data points:

Percentage of Properties Selling Below List Price

Out of the 17 closed residential listings in 21701 this period:

12 sold below list price, equating to 71% of sales falling under asking.
The average list-to-sold price ratio was 98.15%, with a range from 87.86% to 102.86%.

This signals that while bidding wars are occurring at the top of the market or in pristine homes, most properties are negotiating down from their list price—particularly those with longer days on market or in need of updates.

List Price to Sold Price Trends

Average sold price: $503,105
Median sold price: $440,000
Average list price: $516,576
Median list price: $449,900

Sellers are achieving close to asking prices only when properties are priced appropriately or updated. A handful of sales at or above asking occurred when homes were either turnkey or located in high-demand micro-neighborhoods.

Days on Market by Condition

Properties that sold at or above list price typically had DOM under 10 days and were either newly renovated, historic with tasteful restoration, or newer construction condos.
Listings with over 100 DOM often had deferred maintenance, lacked updates, or were mispriced at the start (e.g., 5101 DOM at 30 S Bentz St, sold at 96.7% of asking after extensive time on market).
Median DOM for closed properties: 54 days
Properties with updated kitchens, baths, and HVAC systems moved in under 20 days.

In short: well-presented homes fly off the market; aged or over-ambitious listings linger and reduce.

Luxury Market ($1M+) Insights

Four active or recently sold properties were listed above $1M, ranging from $1,098,000 to $1,775,000.
The average DOM for these listings was 116 days, with only one closing in under 15 days.
The standout sale at 226 W South St closed for $1,000,000, 90.9% of the $1.1M list price, after 145 DOM.
Active luxury listings are generally newer construction (2023+) or exquisitely restored homes in prime locations. Still, the luxury segment shows signs of buyer selectivity and longer timelines.

Key Takeaways

Buyers are value-conscious—over 70% of homes sold below list.
List-to-sale ratios reward realistic pricing and good condition.
Renovated or well-maintained homes can sell quickly and near or over asking.
Luxury properties require patience, with pricing that reflects both craftsmanship and location.