Prince George's County, Maryland
Market Watch - May 2021
Prince George's County Home Sales
Continue to Grow and Break Records
May Home Sales Volume Grew Another 2.1% Above April's Record Setting Month, 63.3% Above 2020
Landover, MD, June 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports that Prince George's County home sales surged even higher in May. For the third consecutive month, Prince George's set a record high Median Sold Price for any month, with a May 2021 Median Sold Price of $380,000. This is a 12.8% increase over May 2020, and a 1.3% increase over last month's record.
Total sales volume grew to $392,777,795, increasing 63.3% over May 2020 and 2.1% over April 2021. May saw 1,008 Closed Sales at a $398,310 Average Sold Price; increasing 43.4% and 16.2% respectively over May 2020.
For more than a year (15 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) rose slightly to 7 days, just a single day above last month's all-time record low of 6 days. This is a 46.2% decrease from May 2020. Average DOM stayed at 13 days, matching last month's all-time record low and a 50% decrease from May 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.
| May 2021 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $392,777,795 | + 63.3% | + 2.1% |
| Closed Sales | 1,008 | + 43.4% | - 1% |
| Median Sold Price | $380,000 | + 12.8% | + 1.3% |
| Average Sold Price | $398,310 | + 16.2% | + 3.5% |
| Median Days on Market | 7 days | - 46.2% | + 16.7% |
| Average Days on Market | 13 days | - 50% | + 0% |
| New Pending Sales | 1,305 | + 17.3% | + 12% |
Shameeka Price, PGCAR President and a REALTOR® with Capital Structures Real Estate, proudly stated: "We are elated Prince George's home sales continued to break records in May, with sales and valuations climbing even higher above the extraordinary records set throughout early 2021. Prince George's County homes sales continue to see double-digit growth over the strong appreciation of 2020. Don't miss this perfect time to sell! There is high demand to buy homes in Prince George's, supply is at a historic low, and mortgage rates are expected to stay near 3% through 2021. Prince George's County home sales growth continues to outpace other Maryland counties and U.S. regions."
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 $226 per square foot, a 19.8% increase from May 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 of limited inventory and often multiple offers," 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
