Prince George's County, Maryland
Market Watch - February 2020
Prince George's County Residential Real Estate Market
Shows a 19.9% Increase Over Last Year in
Total Dollar Volume Sold
More than $212 million in real estate sales closed in February, representing 669 Units for a 9.5 percent increase from February 2019. Average sold price increased to $316,855 for a 8.7 percent appreciation over the prior year. Inventory has reached historic lows, underscoring the need for more sellers to list their properties to meet strong buyer demand.
The Prince George's County Association of REALTORS® reports that the local area real estate market in February continued to reflect considerable strength while historically lower inventory crimps sales and reduces buyer choice. The local market showed positive price appreciation for sellers, and for buyers, reinforcing the Prince George's County market as one of the region's most affordable and best investments.
669 Closed Sales were recorded for the month, which is slightly ahead of January and 9.5 percent ahead of the comparable period in 2019. In all, an impressive $212.1 million in homes were sold by PGCAR members in February. The Average Sold Price grew by an impressive 8.7 percent from the same period in 2019 to $316,855, yet another positive indicator that higher priced homes are in demand and that a lack of inventory boosts prices.
The chart above details February activity compared to the five-year average, an important longer-term measure of market trends. Note that Closed Sales advancing nicely from the five-year average. Pending sales rose to just shy of a 5-year high. Please note that the supply of homes for sale dropped considerably, to 1.2 months (representing 1,169 units) available for sale (versus a 1,064 historical February measure and 1.54 month's supply.) This important statistic means that if no new listings come on the market and with continued forecasted demand, the supply will go to zero in 1.2 months. It also means it's a great time for sellers to jump in the market to sell as demand remains high. Sellers can contact their local REALTOR® for a competitive market analysis at no cost.
| February 2020 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $212,112,303 | + 19.9% | - 4.3% |
| Closed Sales | 669 | + 9.5% | + 1.1% |
| Median Sold Price | $312,000 | + 8.0% | - 2.5% |
| Average Sold Price | $316,855 | + 8.7% | - 4.9% |
The Voice for Real Estate in Prince George's County
PGCAR is the voice for REALTORS® in Prince George's County, Maryland. Representing more than 3,500 real estate professionals in the national capital area, PGCAR is an affiliate of the Maryland and National Association of REALTORS®. We are proud to serve our members and our community, and work to ensure professionalism in the industry. Our volunteers and staff work to offer services to real estate professionals and to provide avenues for our members to become more successful. We proudly work to promote and protect home ownership and private property rights.
