Prince George's County, Maryland
April 2022 Market Watch
Prince George's Home Sales:
Homebuyer Demand Continues to Outpace Supply
Landover, MD, May 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports that the inventory of listed homes for sale averaged a 0.7-month supply in April, meaning that if no new listings are added, current listings would sell out in 0.7 months (about 21 days). This is slightly above the all-time record low of 0.55-month supply set this February 2022. We are encouraged that the supply of homes for sale is increasing. New Listings in Prince George's increased 26.6% from February to March 2022, and 2.3% from March to April 2022.
Prince George's County home sales remain strong and home values continue to appreciate, outperforming most regional and national home sales trends. Our County roared into Spring 2022 with an astonishing 39.1% March over February growth in total home sales volume. April dipped just 6.5% from March's surge in spite of a critically low supply of homes for sale.
All indicators point to Prince George's County remaining in strong demand. While Active Listings averaged 720 homes through the month, April saw 899 Closed Sales and 1,121 New Pending Sales. Median Sold Price was $400,000, increasing 6.7% over April 2021, down 1.2% from March. Average Sold Price was $423,775, soaring 10.1% over April 2021 and increasing 1.7% over last month. Median Days on Market (DOM) was 7 days, dropping 12.5% from last month. Average DOM dropped to 14 days, decreasing 26.3% from last month and 46% below the 5-year April average of 26 days.
|April 2022||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$373,688,110||- 2.8%||- 6.5%|
|Closed Sales||899||- 11.7%||- 8.2%|
|Median Sold Price||$400,000||+ 6.7%||- 1.2%|
|Average Sold Price||$423,775||+ 10.1%||+ 1.7%|
|Median Days on Market||7 days||+ 16.7%||- 12.5%|
|Average Days on Market||14 days||+ 7.7%||- 26.3%|
|New Pending Sales||1,121||- 3.8%||- 3.9%|
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, remains encouraged by the state of the market. She states that: "Prince George's County home sales remain in high demand, with an April Contract Ratio of 2.15 Pending Sales per Active Listing. Our Spring Market is staying HOT!
In line with the relatively small number of Active Listings, the number of County homes sold decreased 8.2% from April. Inventory of "For Sale" properties increased slightly to 720 homes in April, remaining above February's all-time low 0.55 month's supply.
Prince George's County homes continue to appreciate, outpacing the national average. The Average Sold Price in April was $423,775, increasing 10.1% over 2021. Average Price per Square Foot in our County was $233, increasing 7.4% over April 2021 but down 3.7% from last month."
Gamble added: "County homes are expected to stay in high demand. Important factors include 1) the continued focus on protecting against inflation, 2) the expectation that interest rates will continue to rise, and 3) fast-rising rents encouraging renters to consider buying homes. Now is the time to BUY! Home values and interest rates continue to appreciate, and locking in a fixed interest rate on a home now may act as a hedge against future rate increases.
It's also a great time to sell! There's unmet demand for "For Sale" properties in Prince George's County. If you've been thinking about it, SELL!
Whether buying or selling a home, contact a REALTOR® to save time and stress. A REALTOR® can guide you through the entire process and manage the myriad of details - from the necessary steps before buying or selling, to 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.