Prince George's County, Maryland
September 2021 Market Watch
Prince George's County Home Sales:
Record-Breaking Sales Continue
Landover, MD, October 2021 - The Prince George's County Association of REALTORS® (PGCAR) reports that Prince George's County home sales surged even higher in September. For the seventh consecutive month, Prince George's set a record high Median Sold Price for any month, with a September 2021 Median Sold Price of $394,712. This is a 12.8% increase over September 2020, and a 1.2% increase over last month's record. Average Sold Price was another all-time record high at $411,171, increasing 11.2% over September 2020 and 2.3% over last month.
Total sales volume also continues setting all-time record highs. September total sales volume (the number of Closed Sales multiplied by Average Sold Price) reached $435,082,123, increasing 11% over September 2020 and 2.3% over last month. September saw 1,076 Closed Sales, increasing 0.8% over September 2020 and matching last month's Closed Sales.
September's Average Days on Market (DOM) stayed close to its all-time record-low 12 days set in July, now at 15 days which is a 28.6% decrease from September 2020 and just a 7.1% increase over last month. Prince George's County finally ended an amazing 19-month streak of recording the lowest Days on Market (DOM) for that month in over 10 years. September's Median Days on Market (DOM) was 9 days. This is only a 1-day increase from September 2020 and last month.
The high demand amidst tight inventory levels continues to propel higher prices and historically low days on market (DOM). These record-breaking sales are especially amazing given that the inventory of listed homes for sale was only a 1-month supply through September. The slight increases in home inventory 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.
| September 2021 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $435,082,123 | + 11% | + 2.3% |
| Closed Sales | 1,076 | + 0.8% | 0% |
| Median Sold Price | $394,712 | + 12.8% | + 1.2% |
| Average Sold Price | $411,171 | + 11.2% | + 2.3% |
| Median Days on Market | 9 days | + 12.5% | + 12.5% |
| Average Days on Market | 15 days | - 28.6% | + 7.1% |
| New Pending Sales | 1,178 | - 1.4% | - 7.4% |
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, is elated: "Prince George's home sales continue to break records. While the national and several regional markets are reporting softening sales, our home sales volume and median sold price increased to all-time record highs for the seventh consecutive month. Moreover, Prince George's County home valuations continue to climb, and we remain an affordable option within the greater Washington region.
Prince George's home inventory is still critically low. "For sale" properties remain under a single month supply continuing a strong sellers' market."
Gamble added: "Now is a great time to buy or sell in Prince George's County! Mortgage rates remain low, and 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."
"Whether selling or buying, let a REALTOR®'s experience work for you; helping to navigate and manage the myriad of details from setting a price, to responding to buyers and sellers, and negotiating contracts," 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
