Prince George's County, Maryland
February 2022 Market Watch
Prince George's County Home Sales:
High Demand Continues to Fuel
Price Growth and Low Days on Market
Landover, MD, March 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports that Prince George's County record-breaking January sales helped prompt brisk February sales at increased home values. While low inventory remains a critical concern, Prince George's County continues to outperform most regional and national home sales trends. In spite of a decreased number of Active Listings, February saw 719 Closed Sales and 989 New Pending Sales. Total February Sales Volume (the number of Closed Sales multiplied by Average Sold Price) reached $287,460,291, increasing 1.9% over February 2021 and just 3.3% under January. Median Sold Price was $390,000, increasing 20% over February 2021, and 1.3% over January. Average Sold Price was $403,769, soaring 20.1% over February 2021 and increasing 0.4% over last month.
All indicators point to Prince George's County remaining in strong demand. Median Days on Market (DOM) was 11 days, dropping 15.4% from last month. Average DOM remained at 24 days, even with last month and 31% below the 5-year February average of 35 days.
The inventory of listed homes for sale dropped to a 0.55 month supply in February, a new all-time record low. This statistic means that if no new listings were added, current listings would sell out in 0.55 months (about 16 days).
|February 2022||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$287,460,291||+ 1.9%||- 3.3%|
|Closed Sales||719||- 15%||- 3.5%|
|Median Sold Price||$390,000||+ 20%||+ 1.3%|
|Average Sold Price||$403,769||+ 20.1%||+ 0.4%|
|Median Days on Market||11 days||+ 57.1%||- 15.4%|
|Average Days on Market||24 days||+ 41.2%||0%|
|New Pending Sales||989||+ 7.4%||+ 13.7%|
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, shares: "Prince George's County 2022 home sales surged out of the gates with the highest January sales in over 10 years, increasing an amazing 12.8% over 2021. In February, our brisk market still kept its edge over regional and national trends, although the number of County homes sold dropped 3.5% from January due to the small number of Active Listings. Prince George's inventory of "for sale" home properties decreased to a mere 576 homes in February, resulting in an all-time low 0.55 month's supply.
Prince George's County homes continue to appreciate. Average Sold Price was $403,769 in February, increasing 20.1% over 2021. Average Price per Square Foot in our County was $235, increasing 8.8% over February 2021 and 4.9% over last month."
Gamble added: "Especially with an increasing focus on protecting against inflation, County homes are likely to stay in high demand. While rent, food, fuel and other costs may increase, a monthly home mortgage can remain constant if you lock into a fixed interest rate. As you pay your mortgage, the equity in your home can, in theory, build through paying down your loan and through the increasing market value of your home. Now is a great time to consider the advantages of homeownership. Make an appointment with a professional REALTOR®, a trusted advisor who can help in your decision-making throughout the home buying process.
Sellers, now is the time to jump in! Housing demand is high and February's home supply marked an all-time record low inventory. February sales resulted in a Contract Ratio of 2.44 pending contracts per active listing, up from 2.05 in January, meaning that home purchasing contracts are being signed faster than new listings are coming on the market. Engage the services of a REALTOR® to save you stress and time in every step of selling your home, from setting a price 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.