Prince George's County, Maryland
Market Watch - September 2020
County Home Sales Volume Soars 39.3% Above 2019
Record Low Eight Median Days on Market
Landover, MD - The Prince George's County Association of REALTORS® (PGCAR) reports September was another record-breaking month for the local real estate market. September total sales dollar volume grew 39.3 percent over September 2019, and 9.1 percent over prior month (August 2020). Growth in closed sales and average sold price both increased, contributing to this explosive total volume increase. Closed sales were at 1,067; increasing 21.7 percent from the previous year and 7.6 percent from the previous month. Average Sold Price was $369,682; increasing 14.3 percent from September 2019 and 1.6 percent from August 2020.
In addition to closed sales growth, Prince George's experienced a third consecutive record-breaking number of new pending sales. There were 1,195 new pending sales recorded in September, a 9.7 percent increase from September 2019 and 4.9 percent under last month, but the highest number of September pending sales in 10 years.
Even with average home sale prices increasing, Prince George's experienced the lowest days on market (DOM) in over 10 years, for the second consecutive month and third time this year, showing our County's attractiveness as a premier location in the greater Washington area. Median Days on Market (DOM) dropped to 8 days, a 57.9 percent decrease from September 2019 and 11.1 percent decrease from August 2020. Average DOM was 21 days, down 43.2 percent from September 2019 and down 12.5 percent from August.
The above chart compares 2020 September activity to September's five-year average, an important longer-term measure of market trends. While Closed and New Pending Sales and Average Sales Price all increased, the available home inventory (measured by Active Listings and Months of Supply) are still low. The supply of homes for sale remains at a five-year low of 0.9 month (representing 772 units) available for sale (versus a 1,743 historical September measure and 2.1 month's supply.) This important statistic means that if no new listings come on the market and with current demand, the supply will be exhausted in less than one month.
| September 2020 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $392,117,952 | + 39.3% | + 9.1% |
| Closed Sales | 1,067 | + 21.7% | + 7.6% |
| Median Sold Price | $350,000 | + 11.1% | - 1.4% |
| Average Sold Price | $369,682 | + 14.3% | + 1.6% |
| Median Days on Market | 8 days | - 57.9% | - 11.1% |
| New Pending Sales | 1,195 | + 9.7% | - 4.9% |
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, shared: "Prince George's appeal to homeowners has been increasingly publicized over the last decade. Our county has been receiving national recognition for employment, health, recreation and education opportunities. We are also receiving more recognition for our arts, cultural diversity and outdoors amenities. Since COVID-19, the increased demand for suburban or rural locations still accessible to "big city" features is bringing even more attention to our beloved Prince George's County. It's no longer a secret. Prince George's is a great place to live!"
Price continued: "Home affordability is still favorable in Prince George's County, especially during this time of historically low mortgage rates. We are at historic lows for the average number of days it takes to sell a home and the number of homes for sale. For some, now may be the time to sell. Sellers who engage the service of a REALTOR® are best equipped to compete in today's marketplace. If you are in the market to buy, REALTORS® are best positioned to help find available homes that fit your lifestyle and housing needs."
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.
