Prince George's County, Maryland
September 2022 Market Watch
Prince George's Home Sales:
Home Values Stand Firm as
Interest Rates and Stock Returns Fluctuate
Landover, MD, October 2022 - The Prince George's County Association of REALTORS® (PGCAR) reports Prince George's County home values are still holding steady with last month and increasing from 2021, a key indicator of the strength of our County home market. Median Sold Price was $400,000, increasing 1.3% over September 2021. Average Sold Price was $414,694, increasing 0.9% over September 2021.
In spite of climbing interest rates and economic uncertainties, home prices are still appreciating, inventories are gently increasing, and buyers are still quickly buying homes which are appropriately "move-in ready" and priced. Especially in Prince George's County, homes remain in strong demand.
During September, Active Listings averaged 1,347 homes, while 784 Home Sales closed, and 832 New Pending Sales were added. Median Days on Market (DOM) was 14 days, 5 days more than September 2021, but 5 days less than pre-pandemic September 2019. Average DOM was 21 days, 19% below the 5-year September average of 26 days, and 8 days less than September 2019.
The inventory of listed homes for sale averaged a 1.4-month supply in September, meaning that if no new listings are added, current listings would sell out in 1.4 months. This represents a 30.3% increase from September 2021 when we were in the midst of extremely tight supply, yet 19.8% below the 5-year September average of 1.6-month supply. We are encouraged that the supply of homes for sale is increasing to more normal levels, with 1,115 new "for sale" listings coming onto the Prince George's County market during September.
| September 2022 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $324,397,937 | - 25.4% | - 5.7% |
| Closed Sales | 784 | - 27.1% | - 5.3% |
| Median Sold Price | $400,000 | + 1.3% | 0% |
| Average Sold Price | $414,694 | + 0.9% | - 0.3% |
| Median Days on Market | 14 days | + 55.6% | + 27.3% |
| Average Days on Market | 21 days | + 40% | + 16.7% |
| New Pending Sales | 832 | - 29.4% | - 11.3% |
Rachel Jefferies, PGCAR President and Associate Broker of Keller Williams Preferred Properties, proudly reports on the long-standing attractiveness of the Prince George's County home market. She states: "It's always a good time to buy a home, especially in Prince George's County! Our County home sales and values remain well above normal and regional market trends with positive or steady price appreciation over last month and over 2021.
It's also a great time to sell! Prince George's County homes continue to sell quickly, with a median 14 days on market. That's less than half the September 2019 pre-pandemic median of 29 days. Economic investments are also growing in Prince George's, pointing to continued job, recreational, and educational opportunities. Multiple business and news reports have recently touted Prince George's as a "safe harbor" for sustainable growth and investment, with our affordability and quality of living stated as top reasons."
Jefferies added: "Whether buying or selling a home, contacting a REALTOR® is a wise move. A REALTOR®'s experience can save invaluable time and stress. Let a REALTOR® guide you through the myriad of steps in home buying or selling.
One way a REALTOR® can help is introducing you to lenders experienced in a variety of mortgage options. With 30-year fixed interest rates dancing around 7%, it's especially important to evaluate amongst the wide range of fixed-rate, adjustable-rate, future refinance, renovation, low down payment, Fannie Mae, VA, Maryland Mortgage Program, and numerous other available financing options. For example, did you know eligible Prince George's County homebuyers can receive up to $10,000 through Pathways to Purchase?"
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
