Prince George's County, Maryland
December 2021 Market Watch
Prince George's County Home Sales
Breaking Records and Closing 2021 Strong
Landover, MD, January 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports that Prince George's County December home sales volume set a December all-time record high, increasing 2.3% above 2020 and leaping another 6.2% above last month's November all-time record high. Total Sales Volume (the number of Closed Sales multiplied by Average Sold Price) reached $428,226,318. Median Sold Price was $391,000, increasing 10.1% over December 2020, and 2.4% over last month (another November all-time record high). Average Sold Price was $404,388, bounding 9.4% over December 2020 and just 0.3% under last month.
December saw 1,065 Closed Sales, decreasing just 7% from December 2020's pandemic frenzy for home buying in our County, and increasing 6.1% over last month. Our County's continued market strength is soundly beating the significant slow-down in home sales that typically occurs each winter.
Average Days on Market (DOM) remains historically low at 22 days. December's Median Days on Market (DOM) was 12 days, slight increases from the ultra-fast 8-day median of December 2020 and 11 days last month.
The inventory of listed homes for sale dropped again, to a 0.7 month supply through December. This means that if no additional homes were listed for sale, the current "for sale" inventory would be completely sold out in 0.7 months, in about 21 days. The high demand for County homes amidst tight inventory levels continues to fuel higher home prices and low days on market.
|December 2021||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$428,226,318||+ 2.3%||+ 6.2%|
|Closed Sales||1,065||- 7%||+ 6.1%|
|Median Sold Price||$391,000||+ 10.1%||+ 2.4%|
|Average Sold Price||$404,388||+ 9.4%||- 0.3%|
|Median Days on Market||12 days||+ 50%||+ 9.1%|
|Average Days on Market||22 days||+ 46.7%||+ 10%|
|New Pending Sales||872||- 3.2%||- 21.5%|
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, proudly shared: "Prince George's home sales continued to set records through 2021, even in December when sales typically slow down. Instead of sales cooling in Prince George's this winter, our sales keep heating up. Prince George's home sales continue to beat seasonal, regional, and national trends. Our December home sales volume increased an amazing 2.3% over 2020 and increased 6.2% over a record-breaking November.
Our sales are especially surprising given the low supply. Prince George's inventory of "for sale" home properties dropped again to less than a single month supply, to 0.7 months. Average Price per Square Foot in our County is $226, increasing 8.7% over December 2020 and steady with last month."
Gamble added: "Homes are in high demand in Prince George's County. Sellers, it's a great time to jump in! For buyers, don't delay the benefits of homeownership. Studies (old and new) show Prince George's homeowners enjoy monthly savings over renting, and build wealth through increasing home values and equity.
Whether selling or buying, contact a REALTOR®. A REALTOR®'s knowledge can save you stress and time, managing the myriad of details needed between setting a price and closing the deal," said Gamble.
"A REALTOR® also keeps up with a wealth of real estate changes and opportunities. Did you know both Prince George's County and Maryland offer financial incentives for buying a home? A single-person earning up to $72,250 can gain $10,000 for their down payment and closing costs through the Prince George's Pathways to Purchase Program. Eligible income limits increase with household size. If paying student loans might be a barrier to home buying, ask a REALTOR® about incentives to help homebuyers eliminate up to $30,000 in student loan debt."
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 4,000 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.