Prince George's County, Maryland
July 2022 Market Watch
Prince George's Home Sales:
Home Values Still Appreciate,
Demand Still Strong
as Market Downshifts from Pandemic Overdrive
Landover, MD, August 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports home values are continuing their strong growth over 2021, outperforming most regional and national home sales trends. Average Sold Price was $419,968, increasing 4.7% over July 2021. Median Sold Price was $405,000, 4% over July 2021.
While the market is cooling in comparison to the frenzied home buying pace of the pandemic, all indicators point to Prince George's County remaining in strong demand. Home buyers are enjoying a more reasonable selection of home listings, but are still quickly buying in this Seller's market. While Active Listings averaged 1,234 homes through the month, July saw 855 Closed Sales and 876 New Pending Sales. Median Days on Market (DOM) was 9 days, two days more than July 2021 and a single day over last month's 8 days. Average DOM was 15 days, even with last month and 34% below the 5-year July average of 23 days. As a pre-pandemic comparison, Median DOM was 15 days and Average DOM was 29 days in July 2019.
The inventory of listed homes for sale averaged a 1.2-month supply in July, meaning that if no new listings are added, current listings would sell out in 1.2 month. This is about 100% above the all-time record low of 0.55-month supply set this February 2022, yet 20% below the 5-year August average of 1.5-month supply. We are encouraged that the supply of homes for sale is increasing to more normal levels, with 1,205 new "for sale" listings coming onto the Prince George's County market during July.
|July 2022||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$355,637,404||- 13.3%||- 10.5%|
|Closed Sales||855||- 18%||- 9.4%|
|Median Sold Price||$405,000||+ 4%||- 2.4%|
|Average Sold Price||$419,968||+ 4.7%||- 2.4%|
|Median Days on Market||9 days||+ 28.6%||+ 12.5%|
|Average Days on Market||15 days||+ 25%||0%|
|New Pending Sales||876||- 27.2%||- 11.7%|
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, reports continued confidence in the strength of the Prince George's County home market. She states: "As home sales have been slowing across the nation due to rising interest rates, lowered affordability, and the usual end-of-summer lull, Prince George's County home sales are experiencing a gentler descent from the two years plus of frenzied pandemic home buying. As the Prince George's market normalizes to a more sustainable pace, it remains well above normal and regional market trends with a year-over-year 4.7% average price appreciation. The inventory of "For Sale" properties increased in July to a 1.2 month supply, helping meet the unmet demand for County homes from over 2 years of record-breaking low inventories.
Gamble added: "Now is still a great time to buy in Prince George's County! Mortgage rates have eased slightly, now fluctuating more closely to 5%, while rental prices are predicted to continue increasing at a high rate. Homebuyers can help protect themselves against inflation by replacing rent payments and possible annual increases with a fixed interest rate and mortgage payment. Moreover, homeownership remains a top means of building wealth through stabilizing your housing costs while building equity through paying down your mortgage and the continued appreciation of County home values.
It's also a great time to sell! Prince George's County is still a Seller's market, with the average days on market at 15 days and home values at a favorabe increase over 2021. Reasonably priced homes are selling quickly.
Whether buying or selling a home, contact a REALTOR®. Especially as we return to a more normal, expected process of buyers taking the time to view a few homes, have a home inspection, and negotiate finer points of the contract, a REALTOR®'s experience can save invaluable time and stress. Let a REALTOR® guide you through the myriad of steps in home buying or selling, and manage the details from appointment setting to contract creation and closing," 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.