Prince George's County, Maryland
Market Watch - June 2021
Prince George's County Home Sales
Jump 12.9% Above Last Month's Record,
Median Home Price Tops $400,000
Landover, MD, July 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports that Prince George's County home sales surged even higher in June. For the fourth consecutive month, Prince George's set a record high Median Sold Price for any month, with a June 2021 Median Sold Price of $386,000. This is a 13.4% increase over June 2020, and a 1.6% increase over last month's record.
Total sales volume grew to $450,654,228, increasing 38.8% over June 2020 and 14.7% over May 2021. June saw 1,138 Closed Sales at a $405,567 Average Sold Price; increasing 23.7% and 14.9% respectively over June 2020.
For more than a year (16 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 June 2020. Average DOM stayed at 13 days, matching April's all-time record low and a 55.2% decrease from June 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, once again shattering a few records just broken in April. This is especially amazing given that the inventory of listed homes for sale remains at its lowest point in over 10 years.
| June 2021 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $450,654,228 | + 38.8% | + 14.7% |
| Closed Sales | 1,138 | + 23.7% | + 12.9% |
| Median Sold Price | $386,000 | + 13.4% | + 1.6% |
| Average Sold Price | $405,567 | + 14.9% | + 1.8% |
| Median Days on Market | 7 days | - 41.7% | + 0% |
| Average Days on Market | 13 days | - 55.2% | + 0% |
| New Pending Sales | 1,205 | + 0.5% | - 7.7% |
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, proudly stated: "Prince George's County homes sales continue to see double-digit growth over the strong appreciation of 2020. Another all-time record high Median Sold Price of $386,000 was set in June. Days on Market remained near all-time record lows set just last month: with Median Days on Market of 7 days (one day above the all-time low of 6 days) and Average Days on Market of 13 days (equal to last month's all-time low). In addition, New Pending Sales increased 0.5% above June 2020."
Buyers are looking for homes in Prince George's County, and home sales growth continues to outpace other Maryland counties and U.S. regions. This is still the perfect time to sell!"
Price added: "As of May 2021, there is also up to $10,000 available for first-time homebuyers, exclusively for qualifying buyers of a Prince George's County home (including a new or existing, traditional or short sale) through the Pathways to Purchase Program. While our prices continue to increase (now at an average $227 per square foot, a 20.1% increase from June 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! Save stress and time with a professional REALTOR® guiding you through this fast-paced 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.
CONTACTS:
Shameeka Price, 2021 PGCAR President - 301-440-7224, SPrice@csre.info
Mike Graziano, Executive Vice President - 301-306-7900, mikeg@pgcar.com
