Prince George's County, Maryland
Market Watch - April 2021
Prince George's County Home Sales
Break Multiple Sales Records Again
Landover, MD, May 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports Prince George's County April home sales surged even higher, to shatter records just broken in March. April 2021 total sales dollar volume increased 48.2% and median sold price increased 10.3% over April 2020. April saw 1,018 Closed Sales at a $384,880 Average Sold Price; increasing 35.2% and 11.7% respectively over April 2020.
For the second consecutive month, Prince George's set a record high Median Sold Price for any month, with an April 2021 Median Sold Price of $375,000. This is a 10.3% increase over last year, and a 2.7% increase over last month's record. For more than a year (14 consecutive months), Prince George's has now recorded the lowest Days on Market (DOM) for that month in over 10 years. Median Days on Market (DOM) set another all-time record low of 6 days, a 40% decrease from April 2020. Average DOM was 13 days, which is another all-time record low and a 55.2% decrease from April 2020. The heightened demand amidst tight inventory levels continues to propel more homes sold at higher prices and record low days on market (DOM).
This unprecedented sustained growth of closed sales continues fueling an explosive volume increase. Total Sales Volume was $384,538,518, increasing 48.2% over April 2020 and 9.8% over March 2021. This is especially amazing given that the inventory of listed homes for sale remains at its lowest point in over 10 years.
The above Five-Year April Averages chart illustrates the extraordinarily high growth, low inventory market trend. Closed Sales continue to increase, even with fewer homes for sale, resulting in the record high Sold Prices and frequent multiple offers on a listing. Available home inventory (measured by Active Listings and Months of Supply) remains low. The supply of homes for sale decreased to another historic low of 0.6 month (representing 594 units) available for sale (versus a 1,340 historical April measure and 1.6 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 (in approximately 18 days).
| April 2021 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $384,538,518 | + 48.2% | + 9.8% |
| Closed Sales | 1,018 | + 35.2% | + 5.8% |
| Median Sold Price | $375,000 | + 10.3% | + 2.7% |
| Average Sold Price | $384,880 | + 11.7% | + 3.8% |
| Median Days on Market | 6 days | - 40% | - 14.3% |
| Average Days on Market | 13 days | - 55.2% | - 23.5% |
| New Pending Sales | 1,165 | + 41% | - 3.6% |
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, proudly stated: "We are thrilled to see April home sales so quickly shatter the extraordinary records set in first quarter 2021. Prince George's County homes sales continue to see double-digit growth over the strong sales growth of 2020. April sales of Prince George's County homes set multiple all-time records: an all-time record low Median Days on Market of 6 days; an all-time record high Median Sold Price of $375,000; and all-time record low Average Days on Market of 13 days."
Price added: "Many home sellers are seeing more than one offer. Don't miss perhaps the best time in history to sell! The demand to buy homes in Prince George's continues to increase, supply is at a historic low, and mortgage rates have dropped again. While home sales are brisk in many areas of the country, Prince George's County home sales growth continues to outpace other counties. Prince George's has a diversity of urban, rural, condo, and single family homes across a wide price range. We have a growing economy, new schools are being built, and ample home buyer programs - just three items which make our county an attractive place to live. While our prices continue to increase (now at an average $225 per square foot, an 18.4% increase from April 2020), Prince George's County remains an affordable choice within the greater Baltimore-Washington region to buy and build equity as a homeowner."
"Whether selling or buying, let a REALTOR®'s experience work for you! This fast-paced market of limited inventory and often multiple offers is much easier and less stressful with a professional REALTOR® to manage the details and help guide you."
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 homeownership and private property rights.
CONTACTS:
Shameeka Price, 2021 PGCAR President - 301-440-7224, SPrice@csre.info
Mike Graziano, Executive Vice President - 301-306-7900, mikeg@pgcar.com
