Prince George's County, Maryland
June 2022 Market Watch
Prince George's Home Sales:
More Sellers Jump into the Market
as Home Values Increase 6.1% Over 2021
Landover, MD, July 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. Median Sold Price was $415,000, increasing 7.5% over June 2021. Average Sold Price was $430,202, 6.1% over June 2021 and nearly exact with last month, decreasing just 0.6%.
The inventory of listed homes for sale averaged a 1-month supply in June, meaning that if no new listings are added, current listings would sell out in 1 month. This is an almost 100% increase from 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 to more normal levels, with 1,307 new "for sale" listings coming onto the Prince George's County market during June.
All indicators point to Prince George's County remaining in strong demand. While Active Listings averaged 1,041 homes through the month, June saw 944 Closed Sales and 992 New Pending Sales. Median Days on Market (DOM) was 8 days, a single day more than June 2021 and last month's 7 days. Average DOM was 15 days, even with last month and 38% below the 5-year June average of 24 days.
|June 2022||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$397,457,623||- 11.8%||- 2.3%|
|Closed Sales||944||- 17.1%||- 1.8%|
|Median Sold Price||$415,000||+ 7.5%||0%|
|Average Sold Price||$430,202||+ 6.1%||- 0.6%|
|Median Days on Market||8 days||+ 14.3%||+ 14.3%|
|Average Days on Market||15 days||+ 15.4%||0%|
|New Pending Sales||992||- 17.7%||- 8.3%|
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, is excited to see more home sellers venturing into the market and new homes being built. She states that: "Prince George's County home sales remain in high demand. Prince George's is well above normal and regional market trends with appreciation continuing to outpace the national average. The improving inventory of "For Sale" properties increased in June, helping meet the unmet demand for County homes from over 2 years of record-breaking low inventories.
Gamble added: "Now is the time to BUY in Prince George's County! Mortgage rates have eased slightly while rental prices continue increasing at a high rate. Help protect yourself against inflation by replacing rent payments and possible annual increases, with a fixed interest rate and mortgage payment. Moreover, the continued appreciation of County home values keeps homeownership as one of the most assured means of building wealth.
It's also a great time to sell! Prince George's County remains a seller's market, with homes still selling at historically low Days on Market and high Sold Prices. If you've been thinking about it, SELL! There is still unmet demand for County homes.
Whether buying or selling a home, contact a REALTOR®. A REALTOR®' experience can save invaluable time and stress 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.