Prince George's County, Maryland
Market Watch - March 2021
Prince George's County Home Sales
Break Sales Price Record
Landover, MD, April 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports Prince George's County home sales continue to break records as 2021 makes strong gains over 2020. March total sales dollar volume increased 32.8% and median sold price increased 10.7% over March 2020. March saw 962 Closed Sales at a $370,856 Average Sold Price; increasing 21.8% and 11.2% respectively over March 2020.
The March 2021 Median Sold Price of $356,211 sets a new record high for any month. It's also a 10.7% increase over last year, and a 12.4% increase over last month. For more than a year (13 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) was an all-time record low 7 days for a second consecutive month, a 58.8% decrease from March 2020. Average DOM was 17 days, a 55.3% decrease from March 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.
This unprecedented sustained growth of closed sales continues fueling an explosive volume increase. Total Sales Volume was $350,150,551, increasing 32.8% over March 2020 and 24.1% over February 2021. This is especially amazing given that the inventory of listed homes for sale remains at its lowest point in over 10 years.
The above Five-Year March Averages chart illustrates the extraordinarily high growth, low inventory market trend. Closed Sales continue to increase, showing an especially high number for winter months, during which sales generally slow. Available home inventory (measured by Active Listings and Months of Supply) remains low. For a second month, the supply of homes for sale remained at a historic low of 0.6 month (representing 543 units) available for sale (versus a 1,291 historical March measure and 1.5 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 18 days).
|March 2021||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$350,150,551||+ 32.8%||+ 24.1%|
|Closed Sales||962||+ 21.8%||+ 13.7%|
|Median Sold Price||$365,211||+ 10.7%||+ 12.4%|
|Average Sold Price||$370,856||+ 11.2%||+ 10.3%|
|Median Days on Market||7 days||- 58.8%||0%|
|Average Days on Market||17 days||- 55.3%||0%|
|New Pending Sales||1209||+ 16.8%||+ 31.3%|
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, is ecstatic: "We love seeing first quarter 2021 show double-digit growth over an already healthy housing market. Given 2020 was a year of strong sales growth for Prince George's County homes, it is especially amazing to see 2021 sales rocket above 2020 sales right out of the gate. Previously, it would have seemed unthinkable that half of any county's listed homes would sell in 7 days or less, at a 32.8% total volume increase over the prior year."
Price added: "Home sales typically start the year slow, then increase with the start of Spring. This Spring is likely to be the best time in history to sell! The demand to buy homes in Prince George's continues to increase, supply is at a historic low, and mortgage rates are predicted to remain under or close to 3.5% throughout most of 2021. While County home sales prices continue to increase (now at an average $215 per square foot, a 14.4% increase from March 2020), Prince George's County remains an affordable choice within the greater Baltimore-Washington region."
"Whether selling or buying, this fast-paced market of limited inventory and often multiple offers is best managed with a professional REALTOR®. Let a REALTOR®'s experience work for you - in listing, marketing, finding the right home, negotiation, contract signing, settlement and all of the details involved."
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.