Prince George's County, Maryland
October 2021 Market Watch
Prince George's County Home Sales:
Sales Volume Jumps 10.6% Over 2020
Landover, MD, November 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports Prince George's County home sales volume increased 10.6% above 2020 while home prices also increased. Total Sales Volume set an October all-time record high. Total Sales Volume (the number of Closed Sales multiplied by Average Sold Price) reached $409,689,688, jumping 10.6% over October 2020. Median Sold Price was $389,000, increasing 9.6% over October 2020, and decreasing just 1.5% from last month's all-time record high. Average Sold Price was $403,754, increasing 10.7% over October 2020 and decreasing just 1.8% from last month's all-time record high.
October saw 1,028 Closed Sales, increasing 0.3% over October 2020 and decreasing 4.5% from last month. This month-to-month decrease is later and smaller than the typical annual slow-down in home sales that occurs entering fall.
Average Days on Market (DOM) remains historically low at 18 days, which is a 12.5% increase from the ultra-fast pandemic sales cycles of October 2020. October's Median Days on Market (DOM) was 10 days, slight increases from 7 days in October 2020 and 9 days last month.
The high demand amidst tight inventory levels continues to propel higher prices and lower days on market. The inventory of listed homes for sale remained at a 1-month supply through October. The slight increases in home listings and days on market will likely encourage potential home buyers to return to their home search. The unmet demand for homes can support a much larger increase in home listings while still supporting current pricing levels.
|October 2021||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$409,689,688||+ 10.6%||- 5.8%|
|Closed Sales||1,028||+ 0.3%||- 4.5%|
|Median Sold Price||$389,000||+ 9.6%||- 1.5%|
|Average Sold Price||$403,754||+ 10.7%||- 1.8%|
|Median Days on Market||10 days||+ 42.9%||+ 11.1%|
|Average Days on Market||18 days||+ 12.5%||+ 20%|
|New Pending Sales||1,209||+ 2.4%||+ 2.6%|
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, proudly stated: "Prince George's County's home sales remain strong, even through a national softening of sales and fall's first half (typically a season of slowing home sales activity). Beating seasonal trends, Prince George's October new pending home sales increased 2.4% over 2020 and 2.6% over September.
Prince George's home inventory remains critically low, continuing to fuel a strong sellers' market and increased valuations. "For sale" properties are at a single month supply. Average Price per Square Foot in our County is $226, increasing 10.8% over October 2020 and 0.9% over last month."
Gamble added: "Now is a great time to buy or sell in Prince George's County! Mortgage rates remain low, a $10,000 incentive for Prince George's County first-time home buyers is still available for a limited time through the Pathways to Purchase Program, and we remain an affordable option within the greater Washington region."
"Whether selling or buying, let a REALTOR®'s experience work for you. Let a REALTOR® navigate and manage 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.