Prince George's County, Maryland
April 2024 Market Watch
Prince George's County Home Sales Grow 8.5%
and Pending Sales Grow 5% Over 2023
at a Quick 10 Median Days Between Listing and Contract
Landover, MD, May 2024 - The Prince George's County Association of REALTORS® (PGCAR) reports April County Closed Home Sales grew 9.8% and New Pending Sales (a leading market indicator) grew 5% over April 2023. April Sales were also at a brisk pace, with home sales closing after a Median 10 Days on Market (that is, 50% of homes listed in April were under contract within 10 days) and 24 Average Days on Market. The April Median Sold Price was $430,442, increasing 2.5% over April 2023 and decreasing 1.1% from March. Average Sold Price was $444,606, increasing 2.2% over April 2023 and decreasing 1.5% from March. Prince George's County home values set new record highs for April Average and Median Sold Prices last month!
Prince George's County homes remain in hot demand and low supply. County homes are selling quickly! Median Days on Market (DOM), which measures the time between Listing and Contract signing, plummeted to just 10 days in April, marking a second month of significant decreases from February's 18 Median Days on Market then March (14 days) and a 23.1% decrease from April 2023 (13 days). Average Days on Market also saw a notable drop, reaching 24 days after decreasing 14.7% from February (34 days) then 17.2% from March (29 days) and a 14.3% decrease from 2023 (28 days).
Total Sales Volume (Closed Sales times Average Sold Price) rose 2.6% from $303,888,253 Total Sales Volume in March to $311,658,128 in April, despite mortgage interest rates rising above 7% during April. Total Sales and New Pending Sales both improved over the prior month. April saw 712 Closed Sales, an 8.5% increase from 2023 and 4% increase over March. New Pending Sales totaled 911, a 5% increase over 2023 and 8.4% increase over March.
The average number of Active Listings grew 13.9%, from 886 in March to 1,009 in April, a welcome addition to available "for sale" homes for potential homebuyers to consider after five months of declining or unchanged home inventory levels. 954 New Listings came on the market in April, 23.1% greater than March's 775 New Listings. This lifted Months of Supply 13.1% from 1.25 to 1.41 in April, meaning current listings will sell out in 1.41 months if there are no new listings. The April Contract Ratio was 1.38 Pending Contracts per Active Listing, down from 1.8 in March and 1.6 in April 2023. A higher Contract Ratio indicates the market is moving in favor of the Seller.
All market indicators show the strength of the Prince George's County home market. With the economy, homebuyer demand, and the jobs market all trending favorably, 2024 (but especially now), presents an excellent time to buy or sell in Prince George's County.
| April 2024 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $311,658,128 | + 9.8% | + 2.6% |
| Closed Sales | 712 | + 8.5% | + 4.% |
| Median Sold Price | $430,442 | + 2.5% | - 1.1% |
| Average Sold Price | $444,606 | + 2.2% | - 1.5% |
| Median Days on Market | 10 days | - 23.1% | - 28.6% |
| Average Days on Market | 24 days | - 14.3% | - 17.2% |
| New Pending Sales | 911 | + 5% | + 8.4% |
Gene Sementilli, PGCAR President and CENTURY 21® New Millennium Associate Broker, shared current home buyer and seller opportunities: "We are even more proud of Prince George's County as we witness its great appeal as a place to live or grow a business. The increased Closed and Pending Sales at fewer Days on Market experienced by Prince George's County attests to the confidence in long-term value and economic strength our County enjoys. Prince George's compares well nationally and regionally, offering relative affordability within the greater Maryland-Washington DC-Northern Virginia area and a wide choice of lifestyles and homes.
All indicators are still declaring strong homebuyer demand, and for good reason. Over two years of critically low inventory and unmet homebuyer demand still exist. This, coupled with the positives of Prince George's County homeownership, is expected to drive price growth and quick sales through 2024."
Sementilli added: "Contact a REALTOR® now to properly prepare for buying or selling a home and save you time and stress in this fast-paced market.
Let your local REALTOR® guide you through the hundreds of details in your journey to either "Bought!" or "Sold!"
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 3,500 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:
Gene Sementilli, 2024 PGCAR President - 301-807-7797, Gene.Sementilli@c21nm.com
Mike Graziano, Executive Vice President - 301-306-7900, MikeG@pgcar.com
