Prince George's County, Maryland
January 2022 Market Watch
Prince George's County Home Sales
Start 2022 Strong,
Soaring 12.8% Over 2021
Landover, MD, February 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports that Prince George's County January home sales reached their highest January level in over 10 years. January saw a total of 745 Closed Sales, increasing another 2.1% above January 2021's pandemic frenzy for home buying in our County. Total Sales Volume (the number of Closed Sales multiplied by Average Sold Price) reached $297,289,942, increasing 12.8% over January 2021. Median Sold Price was $385,000, increasing 10% over January 2021, and just 1.5% under December. Average Sold Price was $402,299, leaping 10.9% over January 2021 and just 0.5% under last month.
Our County's continued market strength soundly beat usual January sales, when wintry weather hits hardest and homebuyers often appear to hibernate until warmer days. The annual sales dip from December to January did still occur, although not as dramatic a decline as usual.
All indicators point to Prince George's County homes remaining in strong demand. Median Days on Market (DOM) remains historically low at 13 days. January's Average Days on Market (DOM) was 24 days, 31% below the 5-year January average of 35 days.
The inventory of listed homes for sale dropped to a 0.6 month supply through January. This matches the all-time record low set in February 2021.
| January 2022 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $297,289,942 | + 12.8% | - 30.6% |
| Closed Sales | 745 | + 2.1% | - 30.1% |
| Median Sold Price | $385,000 | + 10% | - 1.5% |
| Average Sold Price | $402,299 | + 10.9% | - 0.5% |
| Median Days on Market | 13 days | + 44.4% | + 8.3% |
| Average Days on Market | 24 days | + 41.2% | + 9.1% |
| New Pending Sales | 870 | - 3.5% | - 0.2% |
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
