Prince George's County, Maryland
Market Watch - January 2020
Prince George's County Residential Real Estate Market
Starts 2020 With Headwinds Due to Lower Inventory,
While Buyer Demand is at All Time Highs
More than $222 million in real estate sales closed in January, representing 662 Units for a 15.1 percent increase from January 2019. Average sold price increased to $333,102 for a 11.4 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 January 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.
662 Closed Sales were recorded for the month, which is 15.1 percent ahead of the comparable period in 2019. In all, an impressive $222.5 million in homes were sold by PGCAR members in January. The Average Sold Price grew by an impressive 11.4 percent from the same period in 2019 to $333,102, yet another positive indicator that higher priced homes are in demand and that a lack of inventory boosts prices.
The chart above details January 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 fell well below historical and seasonal trends indicating a softer start for 2020 in terms of closings. Please note that the supply of homes for sale dropped considerably at 1.4 months (representing 1,326 units) available for sale (versus a 1,614 historical measure and 2.0 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. 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.
| January 2020 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $221,586,483 | + 29.4% | - 26.8% |
| Closed Sales | 662 | + 15.1% | - 28.8% |
| Median Sold Price | $320,000 | + 12.3% | + 1.6% |
| Average Sold Price | $333,102 | + 11.4% | + 2.3% |
Ms. Yolanda Muckle, the Prince George's County Association of REALTORS® President and a professional REALTOR® at Long & Foster Real Estate Inc., shared: "We're pleased to report that homebuyers are being rewarded with an increase in home values to serve as a bedrock of their overall financial plan. It's also important to note that our members offer a range of listings that are within the reach of young families, first time buyers and folks relocating to DC for work. However, with the low current inventory, it's also a perfect time for sellers to put homes on the market given the strong demand. The pace of the 2020 market will likely depend on the availability of homes for sale. However, we continue to believe that Prince George's County continues to offer one of the best buying AND selling opportunities in the DC metro region as buyer demand remains high."
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.
