Prince George's County, Maryland
August 2024 Market Watch
Prince George's County Home Sales:
Pending Sales Grow 4.3%
and Home Values Grow 4.7%
Landover, MD, September 2024 - The Prince George's County Association of REALTORS® (PGCAR) reports August Total Home Sales Volume (Closed Sales times Average Sold Price) grew 5% over August 2023 to 330,197,651 this August, fueled by a 4.7% growth in Average Sold Price over 2023 and 729 Closed Sales which matched August 2023 Closed Sales. Half of the Prince George's County homes listed in August were under contract within 13 days. The August Median Sold Price was $445,000, increasing 4.7% over August 2023 and nearly even with July (decreasing 0.7%). Average Sold Price was $456,162, also increasing 4.7% over August 2023 and decreasing 1.8% from July. Prince George's County home values set new record highs for August Average and Median Sold Prices!
August saw 729 Closed Sales, even with 2023 and decreasing 7.4% from July, after increasing 9.3% from June to July. New Pending Sales (a leading market indicator) totaled 889, increasing 4.3% over 2023 and 1.9% over July. Total Contract Activity for Prince George's County homes (729 Closed Sales plus 889 New Pending Sales in August) continues to considerably outnumber Active Listings (averaging 1,200 in August). August Total Contract Activity surpassed August Active Listings by 34.8%.
The average number of Active Listings decreased 3.5% from 1,243 in July to 1,200 in August, breaking a four-month run of positive growth in available "for sale" homes for potential homebuyers to consider. 834 New Listings came on the market in August, decreasing 9.3% from July and 3.7% from 2023. Months of Supply stayed steady at 1.7, meaning current listings will sell out in 1.7 months if there are no new listings. The August Contract Ratio was 1.15 Pending Contracts per Active Listing, up from 1.08 in July and down from 1.16 in August 2023. A higher Contract Ratio indicates the market is moving in favor of the Seller. A Contract Ratio close to 1 indicates we are close to a more balanced market with matching opportunities for the Buyer and Seller.
Prince George's County homes remain in hot demand and tight supply, allowing County home sellers to enjoy quick sales! Median Days on Market (DOM), which measures the time between Listing and Contract signing, rose to 13 days after holding at 10 days for four consecutive months. Average Days on Market rose from 21 to 23 days in August. Compare Prince George's County's historically low 13 Median and 23 Average Days on Market to the August national rates of 37 Median Days on Market and 53 Average Days on Market. Maryland Median and Average Days on Market were 28 and 22 days, respectively. In addition, the August Average Sold to Original Listing Price Ratio was 99.6%, meaning the August Average Sold Price nearly matched (was 0.4% less than) the Original Listing Price.
All market indicators continue to show the strength of the Prince George's County home market. With the economy and homebuyer demand strong, and mortgage interest rates and inflation decreasing, now is an excellent time to buy or sell in Prince George's County.
| August 2024 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $330,197,651 | + 5% | - 8.8% |
| Closed Sales | 729 | + 0% | - 7.4% |
| Median Sold Price | $445,000 | + 4.7% | - 0.7% |
| Average Sold Price | $456,162 | + 4.7% | - 1.8% |
| Median Days on Market | 13 days | + 44.4% | + 30% |
| Average Days on Market | 23 days | + 27.8% | + 9.5% |
| New Pending Sales | 889 | + 4.3% | + 1.9% |
Gene Sementilli, PGCAR President and CENTURY 21® New Millennium Associate Broker, shared current home buyer and seller opportunities: "August's growth in Prince George's County home values and New Pending Sales (new contract signings) further proves the high demand for Prince George's County homes. The more plentiful supply of "for sale" homes and a drop in the average 30-year mortgage interest helped fuel our market, with 50% of homes under contract within 13 days of listing. Prince George's continued home value growth and homebuyer demand testifies to the economic strength Prince George's County enjoys. Our County 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. Prince George's is a great place to live or grow a business!
This is a great time to sell or buy a home in Prince George's County! Strong, consistently rising home values give Sellers significant price appreciation from their original purchase, and it gives homebuyers the same opportunity to enjoy growth in home equity and wealth as they pay down their mortgage and their home gains value. With lower interest rates on the horizon, homebuyers who were priced out of the market earlier should revisit quickly while home availability has greatly improved and before possible price increases as mortgage rates drop."
Sementilli added: "Contact a REALTOR® now to properly prepare for buying or selling a home and save you time and stress in this ever-changing market. Take advantage of your REALTORS®' great expertise and access to resources in real estate finance, marketing, contracts, negotiations, and the current market to successfully get you to "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
