Prince George's County, Maryland
Market Watch - January 2021
Prince George's County
2021 Home Sales
Open 18.9% over 2020
Landover, MD, January 24, 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports a strong start to 2021, with an 18.9% higher total sales dollar volume and 9.4% higher median sold price than January 2020. January saw 730 Closed Sales at $362,763 Average Sold Price; increasing 10.3% and 8.9% respectively over January 2020. Sales volume did slip from December 2020, an expected result of the listed homes for sale dropping to its lowest point in over 10 years.
For the eleventh consecutive month, Prince George's recorded the lowest Days on Market (DOM) for that month in over 10 years. January Median Days on Market (DOM) was 9 days, a 65.4% decrease from January 2020. Average DOM was 17 days, a 58.5% decrease from January 2020. More homes sold and at higher prices during these shorter days on market (DOM), culminating in another month of robust sales and heightened demand amidst tight inventory levels.
Most importantly, the steady growth of closed sales and average sold price continues fueling an explosive year-over-year total volume increase. Total Sales Volume was $263,546,741, increasing 18.9% over January 2020.
The above Five-Year January Averages chart illustrates the extraordinarily high growth, low inventory market trend. Closed and New Pending Sales and Average Sales Price continue to increase; available home inventory (measured by Active Listings and Months of Supply) remains low. The supply of homes for sale decreased again, remaining at a historic low of 0.7 month (representing 643 units) available for sale (versus a 1,382 historical January 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 three weeks).
| January 2021 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $263,546,741 | + 18.9% | - 37% |
| Closed Sales | 730 | + 10.3% | - 36.2% |
| Median Sold Price | $350,000 | + 9.4% | - 1.4% |
| Average Sold Price | $362,763 | + 8.9% | - 1.9% |
| Median Days on Market | 9 days | - 65.4% | + 12.5% |
| Average Days on Market | 17 days | - 58.4% | + 13.3% |
| New Pending Sales | 902 | - 1.7% | + 0.1% |
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, is elated: "We are thrilled to start 2021 with strong sales. Prince George's County home sales continue to exude growth and optimism as an economic driver through any circumstance. We began 2021 with half of the county's listed homes sold in 9 days or less, at an average $362,763 sales price. To put this in perspective, half of Prince George's County homes listed in January 2020 sold within 26 days, and the average sales price was $333,102."
Price added: "Now is a great time to sell! The demand to buy homes in Prince George's is high, and supply is at a historic low. Don't miss this opportunity of historically low mortgage interest rates (still under 3%), quick sales, and low inventory. Prince George's County is a premier location to live, work, raise a family, and build a business. Our home values and sales prices have steadily increased for over 10 years, while we remain an affordable option within the greater Washington DC region."
"Whether selling or buying, please seek the guidance of a professional REALTOR®. A REALTOR®'s experience in everything from setting the right price, to marketing your home for a successful contract signing and settlement, is even more valuable during this time."
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
