Prince George's County, Maryland
December 2022 Market Watch
Prince George's Home Sales:
Home Sales Increase 30.2% Over November,
Average Sold Price Up 6.6%
Landover, MD, January 2023 - The Prince George's County Association of REALTORS® (PGCAR) reports that County home sales ended 2022 with an early, large rebound from November to December. Analysts had cautiously predicted that interest rates decreasing from 7% to below 6.5% would incentivize potential home buyers and sellers who had been waiting out the elevated rates, in some of the healthier markets. While it's still the winter season with plenty of room for growth, the early rebound is a strong indicator that the Prince George's County home market remains one of the strongest and most attractive to homebuyers.
Prince George's County Total Sales Volume (total number of sales multiplied by average sold price) increased an astonishing 30.2% during December. Average Sold Price was $425,236, a 6.6% increase from November and 5.2% increase from December 2021. Total Active Listings averaged 1,085 homes, while 731 Home Sales closed, and 568 New Pending Sales were added. Median Days on Market (DOM) was 20 days, 2 days more than November 2022. Average DOM was 29 days, close to the 5-year December average of 28 days while still low in longer-term comparisons.
The inventory of listed homes for sale averaged a 1.3-month supply in December, meaning that if no new listings are added, current listings would sell out in 1.3 months. This is lower than November's 1.5-month supply, yet equal to the 5-year December average of 1.3-month supply. We are optimistic that the increased foot traffic and sales, and strong home values, combined with mortgage rates predicted to stay closer to 6%, will continue to attract Prince George's County home buyers and sellers back into the market.
| December 2022 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $312,276,761 | - 27.1% | + 30.2% |
| Closed Sales | 731 | - 31.4% | + 21.4% |
| Median Sold Price | $405,000 | + 3.6% | + 5.2% |
| Average Sold Price | $425,236 | + 5.2% | + 6.6% |
| Median Days on Market | 20 days | + 66.7% | + 11.1% |
| Average Days on Market | 29 days | + 31.8% | + 7.4% |
| New Pending Sales | 568 | - 34.9% | - 18.3% |
Rachel Jefferies, PGCAR President and Associate Broker of Keller Williams Preferred Properties, provides insights on the economic and lifestyle benefits of homeownership. She states: "We are elated to see how the December decline in interest rates coupled with un-met demand for Prince George's homes helped create a 30.2% increase in Total Sales Volume, 21.4% increase in Closed Sales, and 6.6% increase in Average Sold Price within a single month. The Prince George's County home market continues to outperform national and regional market trends. How quickly home buyers are returning to the market and home sales increased in the midst of winter, shows the pent-up demand for Prince George's County homes.
While many say the slower winter months are the best time to buy a home, that's even easier to see in an attractive home market like Prince George's County! In fact, the winter is typically good for both buyers and sellers. For the seller, lower inventories of homes for sale and continued buyer demand keep home values high. For buyers, while the well-priced attractive home you fall in love with is still likely to gain other offers, you are less likely to find yourself in a multiple offers during the same "just-listed" weekend for a home.
Contact a REALTOR® early in your selling or buying decision to help set a budget, price, and timeline for the lengthy list of required steps. Buyers, allow your REALTOR® to introduce you to lenders experienced in a variety of mortgage options and incentives. Average mortgage rates decreased from their recent high of 7.08% (for the week ending November 10, 2022) to around 6.3% in December. Prince George's County and Maryland offer a wide range of homebuyer savings programs. With interest rates trending downward, it makes trading a monthly rental fee for a predictable monthly mortgage even more attractive."
Jefferies added: "Whether buying or selling a home, contacting a REALTOR® is a wise move. Buying or selling a home is hard work, including a long list of details, decisions and duties. Let a REALTOR® save you invaluable time and stress. They can give you a roadmap, help manage the myriad of required details, and guide you towards favorable outcomes in the important financial and lifestyle decisions of buying or selling a home.
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:
Rachel Jefferies, 2023 PGCAR President - 240-737-5000, RachelLJefferies@gmail.com
Mike Graziano, Executive Vice President - 301-306-7900, mikeg@pgcar.com
