Prince George's County, Maryland
March 2022 Market Watch
Prince George's County Home Sales:
Spring Market Soars 14.2% Over 2021
Landover, MD, April 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports that Prince George's County surged into Spring 2022 with 14.2% sales volume growth over 2021, and astonishing 39.1% growth over last month. While low inventory remains a critical concern, Prince George's County continues to outperform most regional and national home sales trends. In spite of the low number (an average 630) of Active Listings for the month, March saw 979 Closed Sales and 1,167 New Pending Sales. Total March Sales Volume (the number of Closed Sales multiplied by Average Sold Price) reached $399,829,757, increasing 14.2% over March 2021 and 39.1% over February. Median Sold Price was $405,000, increasing 10.9% over March 2021, and 3.9% over February. Average Sold Price was $416,734, soaring 12.4% over March 2021 and increasing 3.2% over last month.
All indicators point to Prince George's County remaining in strong demand. Median Days on Market (DOM) was 8 days, dropping 27.3% from last month. Average DOM dropped to 19 days, decreasing 20.8% from last month and 40% below the 5-year March average of 31 days.
The inventory of listed homes for sale averaged a 0.6-month supply in March, just slightly above last month's all-time record low of 0.55-month supply. This statistic means that if no new listings were added, current listings would sell out in 0.6 months (about 18 days).
|March 2022||Year Over Year (YoY)||Month Over Month (MoM)|
|Total Sold Dollar Volume||$399,829,757||+ 14.2%||+ 39.1%|
|Closed Sales||979||+ 1.8%||+ 36.2%|
|Median Sold Price||$405,000||+ 10.9%||+ 3.9%|
|Average Sold Price||$416,734||+ 12.4%||+ 3.2%|
|Median Days on Market||8 days||+ 14.3%||- 27.3%|
|Average Days on Market||19 days||+ 11.8%||- 20.8%|
|New Pending Sales||1,167||- 3.5%||+ 18%|
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, is elated: "Prince George's County home sales have surged, again. Our Spring Market is hot! 2022 home sales sprang out of the gates with the highest January sales in over 10 years, increasing an amazing 12.8% over 2021. In March, our brisk market accelerated even more, beating regional and national trends, with the number of County homes sold increasing 3.5% from February in spite of the small number of Active Listings. Prince George's inventory of "for sale" home properties was a mere 630 homes in March, just slightly above February's all-time low 0.55 month's supply.
Prince George's County homes continue to appreciate. Average Sold Price was $416,734 in March, increasing 12.4% over 2021. Average Price per Square Foot in our County was $242, increasing 12.6% over March 2021 and 3% over last month."
Gamble added: "County homes are expected to stay in high demand. Important factors include 1) the increasing focus on protecting against inflation, and 2) the anticipation that interest rates will continue rising. Now is the time to buy! Home values continue to appreciate. Locking in a fixed interest rate allows a more predictable monthly housing budget.
It's also a great time to sell! There's unmet demand for "for sale" properties in Prince George's.
Whether buying or selling a home, contact a REALTOR® to save time and stress. A REALTOR® can guide you through the entire process 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.