Prince George's County, Maryland
November 2021 Market Watch
Home Sales Stay Hot in Prince George's County:
Sales Volume Leaps 8.9% Over 2020
Landover, MD, December 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports Prince George's County November home sales volume increased 8.9% above 2020 while home prices also increased. In fact, Total Sales Volume set a November all-time record high. Total Sales Volume (the number of Closed Sales multiplied by Average Sold Price) reached $409,689,688, leaping 8.9% above November 2020. Median Sold Price was $382,000, increasing 6.1% over November 2020, and decreasing just 1.8% from last month's all-time October record high. Average Sold Price was $405,445, increasing 9.9% over November 2020 and increasing another 0.4% from last month.
November saw 1,004 Closed Sales, decreasing just 1.1% from November 2020's pandemic rush for home buying in our County and decreasing 2.3% from last month. Our County's continued market strength is soundly beating the significant slow-down in home sales that typically occurs each fall.
Average Days on Market (DOM) remains historically low at 20 days. November's Median Days on Market (DOM) was 11 days, slight increases from the ultra-fast 7-day median of November 2020 and 10 days last month.
The inventory of listed homes for sale dropped again, to a 0.9 month supply through November. This means that if no additional homes were listed for sale, the current "for sale" inventory would be sold out in 0.9 months. The high demand for County homes amidst tight inventory levels continues to fuel higher home prices and low days on market.
| November 2021 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $403,114,869 | + 8.9% | - 1.6% |
| Closed Sales | 1,004 | - 1.1% | - 2.3% |
| Median Sold Price | $382,000 | + 6.1% | - 1.8% |
| Average Sold Price | $405,445 | + 9.9% | + 0.4% |
| Median Days on Market | 11 days | + 57.1% | + 10% |
| Average Days on Market | 20 days | + 25% | + 11.1% |
| New Pending Sales | 1,111 | + 2.7% | - 8.1% |
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, proudly shared: "As the weather cools, home sales typically slow dramatically. That isn't happening in Prince George's County. Prince George's home sales are continuing at a fast pace, beating seasonal, regional, and national trends. Our November home sales volume increased an amazing 8.9% over 2020 and decreased only 1.6% from a record-breaking October.
Prince George's inventory of "for sale" home properties dropped again to less than a single month supply, to 0.9 months. Average Price per Square Foot in our County is $226, increasing 10.8% over November 2020 and steady with last month."
Gamble added: "If you have considered buying or selling in Prince George's County, now is a great time! We are an affordable option within the greater Washington region. Take advantage of extra financial savings while mortgage rates are low and a $10,000 limited-time incentive for Prince George's County first-time home buyers is available through the Pathways to Purchase Program."
"Whether selling or buying, let a REALTOR®'s experience work for you. A REALTOR® can save you stress and time, managing the myriad of details from setting a price, to negotiating and closing the deal," said Gamble.
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 4,000 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:
Melanie Gamble, 2022 PGCAR President - 301-343-8538, melanie@melaniegamble.com
Mike Graziano, Executive Vice President - 301-306-7900, mikeg@pgcar.com
