Prince George's County, Maryland
May 2022 Market Watch
Prince George's Home Sales:
County Home Sales Leap 8.9%
while Topping $432,000 Average Home Price
Landover, MD, June 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports that home sales and home values continue to increase at a strong pace, outperforming most regional and national home sales trends. Despite the low inventory of listed homes, May Total Sales Volume increased an astonishing 8.9% over April, and 3.6% over 2021.
The inventory of listed homes for sale averaged a 0.8-month supply in May, meaning that if no new listings are added, current listings would sell out in 0.8 months (about 24 days). This is slightly above 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. New Listings in Prince George's increased 24.3% from January to May 2022.
All indicators point to Prince George's County remaining in strong demand. While Active Listings averaged 844 homes through the month, May saw 961 Closed Sales and 1,082 New Pending Sales. Median Sold Price was $415,000, increasing 9.2% over May 2021, and 3.8% over April. Average Sold Price was $432,576, soaring 8.6% over May 2021 and increasing 2.1% over last month. Median Days on Market (DOM) was 7 days, even with May 2021 and last month. Average DOM was 15 days, increasing just 1 day from last month and 39% below the 5-year May average of 24 days.
| May 2022 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $406,877,663 | + 3.6% | + 8.9% |
| Closed Sales | 961 | - 4.7% | + 6.9% |
| Median Sold Price | $415,000 | + 9.2% | + 3.8% |
| Average Sold Price | $432,576 | + 8.6% | + 2.1% |
| Median Days on Market | 7 days | 0% | 0% |
| Average Days on Market | 15 days | + 15.4% | + 7.1% |
| New Pending Sales | 1,082 | - 17.1% | - 3.5% |
Melanie Gamble, PGCAR President and Broker of 212 Degrees Realty, is encouraged by the strength of the local housing market. She states that: "Prince George's County home sales remain in high demand, with a May Contract Ratio of 1.81 Pending Sales per Active Listing. Our Spring Market is still here, and still HOT!
In line with the relatively small number of Active Listings, the number of County homes sold decreased 4.7% from last year, yet increased 6.9% from last month. Inventory of "For Sale" properties increased slightly to 844 homes in May, remaining above February's all-time low 0.55 month's supply.
Prince George's County homes continue to appreciate, outpacing the national average. The Average Sold Price in May was $432,576, increasing 8.6% over 2021. Average Price per Square Foot in our County was $245, increasing 8.4% over May 2021 and 2.1% over last month."
Gamble added: "Now is the time to BUY in Prince George's County! Key considerations include 1) the continued appreciation of County home values, keeping homeownership as one of the most assured means of building wealth, 2) hedging against inflation by replacing rent payments and the possibility of annual increases with a fixed mortgage payment, and 3) the high satisfaction of Prince George's County living. Our County consistently ranks high in Maryland and the Greater Washington region for economic growth and affordability, while offering nationally award-winning parks and recreation, urban and rural living, and cultural diversity.
It's also a great time to sell! Prince George's County is still a seller's market, with homes moving from listed to sold in an average of 15 days. If you've been thinking about it, SELL!
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.
CONTACTS:
Melanie Gamble, 2022 PGCAR President - 301-343-8538, melanie@melaniegamble.com
Mike Graziano, Executive Vice President - 301-306-7900, mikeg@pgcar.com
