Prince George's County, Maryland
November 2022 Market Watch
Prince George's Home Sales:
Home Values Decreased Slightly Over 2021,
Despite Increased Mortgage Rates
Landover, MD, December 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports Prince George's County home values experienced a small decrease over 2021 indicating that the Prince George's County home market is retaining it strength and attractiveness to homebuyers despite the nationwide increase in mortgage rates and their impact on housing affordability. The Average Sold Price of a home in Prince George's County declined to $398,897, decreasing 1.62% over November 2021 and 6.2% lower than last month. Median Sold Price was $385,000, increasing 0.8% over November 2021 and 3.8% lower than last month.
The November decreases were in line with customers being wary of the effectivenss of Fed actions to stem inflation. With November interest rates ranging between 6.5% and 7.0% and homebuyer demand generally dipping as the temperatures do, Average Sold Price and Closed Sales will warm back up as the spring temperatures do. Whereas Closed Home Sales saw the expected November decrease, the demand for Prince George's County homes kept values relatively stable and sales activity stronger than expected.
During November, Active Listings averaged 1,318 homes, while 602 Home Sales closed, and 695 New Pending Sales were added. Median Days on Market (DOM) was 18 days, 7 days more than November 2021. Average DOM was 27 days, close to the 5-year November average of 26 days while still low in longer-term comparisons.
The inventory of listed homes for sale averaged a 1.5-month supply in November, meaning that if no new listings are added, current listings would sell out in 1.5 months. This represents a 66.7% increase from November 2021 when we were in the midst of extremely tight supply, and equal to the 5-year November average of 1.5-month supply. We are encouraged that active listings are still significantly higher than November 2001, with 843 new "for sale" listings coming onto the Prince George's County market.
| November 2022 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $239,818,156 | - 40.5% | - 17% |
| Closed Sales | 602 | - 40% | - 12% |
| Median Sold Price | $385,000 | + 0.8% | - 3.8% |
| Average Sold Price | $398,897 | - 1.6% | - 5.9% |
| Median Days on Market | 18 days | + 63.6% | + 12.5% |
| Average Days on Market | 27 days | + 35% | + 3.9% |
| New Pending Sales | 695 | - 37.4% | - 8.6% |
Rachel Jefferies, PGCAR President and Associate Broker of Keller Williams Preferred Properties, provides insights on the economic and lifestyle benefits of homeownership. She states: "Buying a home is still attractive today, especially in Prince George's County! Our County home market is outperforming national and regional market trends, preserving housing value despite market volatility and aggressive Fed action to control inflation. Long or short term, homeownership makes it possible to move into a larger space, often at a fixed and lower monthly cost.
Prince George's County homes continue to sell quickly, with a median 18 days on market. Our County is a highly attractive place to live, with a diversity of residential properties ranging from urban to rural, from commuter-friendly to equestrian-friendly. Prince George's continues to provide relative affordability within the greater Washington, DC region. We also rank high in job creation; from our growing universities, federal agencies and hospitals to a rich variety of emerging or long-established businesses, ranging from small privately owned to Fortune 500."
Jefferies added: "Whether buying or selling a home, contacting a REALTOR® is a wise move. A REALTOR®'s experience can help prepare Sellers in the steps to best present and sell your home. They help buyers set a budget and prioritize their top desires for a home and lifestyle. Save invaluable time and stress. Let a REALTOR® help manage the myriad of required details, and guide you through the critical steps in the important financial and lifestyle decision of buying or selling a home.
And don't forget to ask a REALTOR® to introduce you to lenders, experienced in a variety of mortgage options and homebuyer savings programs!"
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:
Rachel Jefferies, 2023 PGCAR President - 240-737-5000, RachelLJefferies@gmail.com
Mike Graziano, Executive Vice President - 301-306-7900, mikeg@pgcar.com
