Prince George's County, Maryland
January 2023 Market Watch
Prince George's Home Sales:
Pending Sales Surge 34.7% Over December,
Showing Strong Homeownership Demand
Landover, MD, February 2023 - The Prince George's County Association of REALTORS® (PGCAR) reports strong demand for Prince George's County homes, resulting in an all-time record high January Average Sold Price. At first glance, it looks like Sales hit winter's usual plunge, but adding Closed plus Pending contracts shows a steady market, fueled by a 34.7% surge in new Pending Sales from December to January. Moreover, January saw a 22% increase in All Pendings (new contracts plus contracts carried over from December). This resilience through winter months clearly shows the high demand for Prince George's County homes, in spite of low inventories and affordability concerns.
Prince George's County saw 503 Closed Sales and 765 New Pending Sales in January, greatly outnumbering January's average of 996 Active Listings. While month-over-month New Pending Sales increased 34.7%, and Contract Ratio (Pending Contracts per Active Listing) increased 33% over December to 1.04, Active Listings decreased 8.2%. The Contract Ratio increasing above 1.0 shows we are in a fairly balanced market, with a slight movement towards a Seller's market. All market indicators point to the continued strength of the Prince George's County home market and the added attractiveness and relative affordability of Prince George's County within the greater Washington, DC region.
Median Sold Price in January was $400,000, a 1.2 decrease from December and 3.9% increase over January 2022. Both the January Median Sold Price and Average Sold Price ($407,870) were all-time record highs for January.
The inventory of listed homes for sale dropped to a 1.2-month supply in January, meaning that if no new listings are added, current listings would sell out in 1.2 months. This is lower than December's 1.3-month supply, yet equal to the 5-year January average of 1.2-month supply. While inventory remains a primary concern, we are optimistic that the increased foot traffic, sales, and strong home values, combined with mortgage rates predicted to stay closer to 6%, will continue to attract Prince George's County home buyers and sellers back into the market.
| January 2023 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $205,336,722 | - 30.9% | - 34.3% |
| Closed Sales | 503 | - 32.5% | - 31.2% |
| Median Sold Price | $400,000 | + 3.9% | - 1.2% |
| Average Sold Price | $407,870 | + 1.4% | - 4.1% |
| Median Days on Market | 34 days | + 161.5% | + 70% |
| Average Days on Market | 38 days | + 58.3% | + 31% |
| New Pending Sales | 765 | - 12.1% | + 34.7% |
Rachel Jefferies, PGCAR President and Associate Broker of Keller Williams Preferred Properties, provides insights on the economic and lifestyle benefits of homeownership. She states: "We are elated to see how the demand for Prince George's homes and our relative affordability within the greater Maryland-DC-Virginia market continues to allow the Prince George's County home market to outperform regional and national market trends. The number of home contracts signed in January (New Pendings) increased an amazing 34.7% over December, even more astonishing given the winter timing and the critically low inventory of "for sale" homes. Prince George's County home values also reached all-time January record highs. January Prince George's Median and Average Sold home prices reached $400,000 and $407,870, respectively.
It's a great time to sell in Prince George's! There remains a large un-met demand for Prince George's County homes, home values are strong, and average mortgage rates have remained steady around 6.3%, since decreasing from their November high of 7.08%.
For the same reasons, it's also a good time to buy a home, especially in Prince George's County. Contact a REALTOR® who can help navigate the market for you, manage the myriad of details and required steps for you, and introduce you to lenders experienced in a variety of mortgage options and incentives. Currently, there are special incentives of $15,000 for renters in Greenbelt (Prince George's County) to become homeowners. There's also incentives of $10,000 through the Pathways to Purchase Program towards purchase of a first home anywhere in Prince George's."
Jefferies added: "Please contact a REALTOR® early in your selling or buying decision to help plan, price, and proceed towards a successful home sale or purchase. Buying or selling a home is hard work. Let a REALTOR®'s experience save you invaluable time and stress, and allow you to focus on the most important decisions. A REALTOR® can give you a roadmap; manage the showings, inspections, appraisals and more; and guide you towards favorable outcomes in the important financial and lifestyle decisions of buying or selling a home."
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
