Prince George's County, Maryland
Market Watch - August 2021
Prince George's County Home Sales
Soar 18.4% Above 2020
at Record High Median Price and Brisk 8 Days on Market
Landover, MD, September 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports that Prince George's County home sales surged even higher in August. For the sixth consecutive month, Prince George's set a record high Median Sold Price for any month, with an August 2021 Median Sold Price of $390,000. This is a 9.9% increase over August 2020, and a 0.1% increase over last month's record.
August's Average Days on Market (DOM) stayed close to its all-time record low 12 days set last month, now at 14 days which is still a 41.7% decrease from August 2020. For more than a year (19 consecutive months), Prince George's has recorded the lowest Days on Market (DOM) for that month in over 10 years. Median Days on Market (DOM) was 8 days, the same as last month. This is a 11.1% decrease from August 2020.
Total sales volume set another all-time record high of $425,468,805, increasing 18.4% over August 2020 and 3.8% over last month. August saw 1,076 Closed Sales at a $401,780 Average Sold Price; increasing 8.5% and 10.4% respectively over August 2020.
The continuing high demand amidst tight inventory levels continues to propel more homes sold at higher prices and record low days on market (DOM). These record breaking sales are especially amazing given that the inventory of listed homes for sale was only a 1-month supply through August.
|August 2021||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$425,468,805||+ 18.4%||+ 3.8%|
|Closed Sales||1,076||+ 8.5%||+ 3.2%|
|Median Sold Price||$390,000||+ 9.9%||+ 0.1%|
|Average Sold Price||$401,780||+ 10.4%||+ 0.2%|
|Median Days on Market||8 days||- 11.1%||+ 14.3%|
|Average Days on Market||14 days||- 41.7%||+ 16.7%|
|New Pending Sales||1,272||+ 1.3%||+ 5.7%|
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, is elated: "Prince George's home sales continue to break records. Even while other regions are experiencing the typical leveling or slowing sales coming out of summer, our August sales are setting all-time record sales. This is extraordinary given the low inventory at increased pricing. Meanwhile, Prince George's County home valuations continue to climb and average days on market remains near historical lows.
The average sold price for our County is now above $400,000 for the third consecutive month, while average time to sell is a low 12 days. Demand to buy homes in Prince George's remains high and supply is low. If considering a home sale, now is a great time."
Price added: "Home sales to first-time homebuyers are increasing across the United States. Exclusively for qualifying buyers of a Prince George's County home (including a new or existing, traditional or short sale), first-time homebuyers can receive up to $10,000 towards down payment and closing costs through the Pathways to Purchase Program."
"Whether selling or buying, let a REALTOR®'s experience work for you! Save stress and time with a professional REALTOR® helping you navigate often multiple offers and record fast average time on market," said Price.
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.