Prince George's County, Maryland
October 2022 Market Watch
Prince George's Home Sales:
Home Values Increase 5% Over 2021,
Affirming Continued Homebuyer Demand
Landover, MD, November 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports Prince George's County home values experienced a large increase over 2021, a key indicator of the strength of the Prince George's County home market and attractiveness of the County to homebuyers. The Average Sold Price of a home in Prince George's County surged to $423,767, increasing 5% over October 2021 and 2.2% over last month. Median Sold Price was $400,000, increasing 2.8% over October 2021 and steady with last month.
The October increases defied expectations, appreciating at a much greater rate than predicted when entering the winter months combined with October interest rates ranging between 6.7% and 7.1%. Homebuyer demand generally dips as the temperatures do. Homebuyer demand, along with Average Sold Price and Closed Sales, warm back up as the spring temperatures do. Whereas Closed Home Sales saw the expected October decrease, the demand for Prince George's County homes kept values on the increase and sales activity stronger than expected.
During October, Active Listings averaged 1,409 homes, while 684 Home Sales closed, and 760 New Pending Sales were added. Median Days on Market (DOM) was 16 days, 5 days more than October 2021, yet historically low compared to October 2019 and prior. Average DOM was 26 days, matching the 5-year October 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 October, meaning that if no new listings are added, current listings would sell out in 1.5 months. This represents a 50% increase from October 2021 when we were in the midst of extremely tight supply, and still below the 5-year October average of 1.6-month supply. We are encouraged that the supply of homes for sale is increasing to more normal levels, with 1,007 new "for sale" listings coming onto the Prince George's County market during October.
| October 2022 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $289,080,507 | - 29.4% | - 10.9% |
| Closed Sales | 684 | - 33.5% | - 12.8% |
| Median Sold Price | $400,000 | + 2.8% | 0% |
| Average Sold Price | $423,767 | + 5% | + 2.2% |
| Median Days on Market | 16 days | + 60% | + 14.3% |
| Average Days on Market | 26 days | + 44.4% | + 23.8% |
| New Pending Sales | 760 | - 37.1% | - 8.7% |
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 even more attractive today, especially in Prince George's County! Our County home market is displaying its usual robustness above national and regional market trends, experiencing strong price appreciation over last month and over 2021. Homeownership also compares favorably to renting. Buying a home makes it possible to move into a larger space, often at a fixed and lower monthly cost.
It's a great time to sell a home too! Prince George's County homes continue to sell quickly, with a median 16 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
