Prince George's County, Maryland
Market Watch - July 2021
Prince George's County Home Sales
Surge 22.3% Above 2020
While Setting All-Time Record Low Days on Market
Landover, MD, August 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports that Prince George's County home sales surged even higher in July. For the fifth consecutive month, Prince George's set a record high Median Sold Price for any month, with a July 2021 Median Sold Price of $389,550. This is a 14.1% increase over July 2020, and a 0.9% increase over last month's record.
July's Average Days on Market (DOM) dipped to 12 days, beating April's all-time record low and a 55.6% decrease from July 2020. For more than a year (17 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) stayed at 7 days, just a single day above April's all-time record low of 6 days. This is a 41.7% decrease from July 2020.
Total sales volume was $409,966,228, increasing 38.8% over July 2020 and just 9% below last month's all-time record high. July saw 1,043 Closed Sales at a $401,006 Average Sold Price; increasing 9.9% and 12.8% respectively over July 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 remained at a 0.8-month supply through July.
|July 2021||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$409,966,228||+ 22.3%||- 9%|
|Closed Sales||1,043||+ 9.9%||- 8.4%|
|Median Sold Price||$389,550||+ 14.1%||+ 0.9%|
|Average Sold Price||$401,006||+ 12.8%||- 1.1%|
|Median Days on Market||7 days||- 41.7%||+ 0%|
|Average Days on Market||12 days||- 55.6%||- 7.7%|
|New Pending Sales||1,203||- 4.6%||- 0.2%|
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, proudly stated: "Prince George's home sales continue to break records, with July sales keeping pace with all-time record sales set throughout the first half of 2021. This is extraordinary given the low inventory and the fact home sales typically cool during the summer and into fall. Meanwhile, Prince George's County home valuations continue to climb.
The average sold price for our County is now above $400,000 for the second consecutive month. We just broke the lowest average days on market again, with the average time to sell at an all-time low of 12 days. The demand to buy homes in Prince George's remains high while supply remains at historic lows. If you're contemplating a sale, now may be the 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.