Prince George's County, Maryland
December 2024 Market Watch
Prince George's County Home Market:
Sales Surge for a Fourth Month to End 2024
on a High Note with Optimism for 2025
Landover, MD, January 2025 - The Prince George's County Association of REALTORS® (PGCAR) celebrates a booming end to 2024, with December's home market performance setting a strong foundation for the new year. Total Home Sales Volume (Closed Sales times Average Sold Price) surged 29.1% year-over-year and 21.9% month-over-month to reach $340 million, driven by a 21.2% year-to-year increase in Closed Sales, and a 6.9% rise over 2023 in Average Sold Price. December is the fourth consecutive month of exceptionally strong home sales growth in the County. Even during a traditionally slow month, half of all listed homes went under contract within 22 days, underscoring the county's robust buyer demand.
- Rising Home Prices: In December, the Average Sold Price climbed to $460,675 - a 6.9% year-over-year increase and 2.3% month-over-month increase over November. Median Sold Price reached $447,490, reflecting a 5.3% increase from the previous year and 1.7% increase from November. Both metrics hit all-time record highs for December, defying typical seasonal slowdowns.
- Increased Sales Activity: December Closed Sales totaled 742, skyrocketing 21.2% over 2023 and 19.1% over November. New Pending Sales dropped 1.9% from 2023 to 608. Combined contract activity for Prince George's County homes (742 Closed Sales plus 608 New Pending Sales) continue to surpass monthly Active Listings (averaging 1,022 in December), outnumbering Active Listings by 32%.
- Inventory Trends: Active Listings averaged 1,002 in December, decreasing 14.1% from November but rising 7% from 2023. New Listings dropped significantly, falling 24.1% month-over-month and 10.2% year-over-year to 485. With such a higher demand than supply, Months of Supply declined to 1.38 during December, meaning that if there are no new listings, current listings will sell out in 1.38 months.
- A Balanced and Thriving Market: The Contract Ratio for December was 1.05 (Pending Contracts per Active Listing), indicating a balanced market where buyers and sellers are on relatively equal footing. Buyers have a bit more time to make decisions compared to peak market frenzy, while sellers continue to enjoy strong pricing power. While inventory saw modest growth over the previous year, the tight supply keeps the market competitive, with homes selling at an average of 98.6% of their original listing price.
Homes also sold quickly, with a Median Days on Market (DOM) between Listing and Contract signing of just 22 days - far below the national Median of 70 days. The Average DOM in Prince George's County was 33 days, increasing as typical in November and December but without the typical seasonal drop in sales.
| December 2024 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $340,012,605 | + 29.1% | + 21.9% |
| Closed Sales | 742 | + 21.2% | + 19.1% |
| Median Sold Price | $447,490 | + 5.3% | + 1.7% |
| Average Sold Price | $460,675 | + 6.9% | + 2.3% |
| Median Days on Market | 22 days | + 10% | + 83.3% |
| Average Days on Market | 33 days | + 17.9% | + 37.5% |
| New Pending Sales | 608 | - 1.9% | - 14.3% |
Arnita Greene, PGCAR President and REALTOR® with Capital Structures Real Estate, emphasized the exceptional opportunities for Prince George's County home buyers and sellers: "Prince George's County is a hot and growing market! December's strong sales activity, rising home values, and relatively fast sales, especially through the winter months, demonstrate Prince George's County's appeal. With stabilizing mortgage rates and a diverse inventory of homes, 2025 presents a great opportunity for both buyers and sellers.
Prince George's County ended 2024 with four consecutive months of Total Market Volume growth over 2023, ranging between 9% and 29.1%. Total 2024 Home Sales rose 4.5% over 2023 Total Sales, while Active Listings increased by 7% annually. Average home values climbed to $453,945, a 4.5% annual increase, with median values rising 4.8% to $440,000. These trends confirm the county's strength as a vibrant, growing market. This annual growth provides a good return on investment for sellers and a good sign to buyers that their home purchase will also be a great investment. Prince George's County offers a unique combination of affordability, quality of life, home seller, buyer and investment opportunities unmatched in the Maryland-Washington DC-Northern Virginia region."
"If you're considering buying or selling a home in 2025, reach out to a REALTOR® early," Greene advised. "Let a REALTOR®'s expertise prepare and successfully guide you through today's dynamic market and its opportunities. REALTORS® offer the experience, connections, and knowledge needed to reduce your stress and manage the myriad pricing, negotiations, showings, inspections, and other required decisions and work to reach that magic moment of exchanging keys!
With favorable economic conditions, strong demand, and available homeownership programs, now is an excellent time to buy or sell. Contact a PGCAR REALTOR® today to explore the opportunities in Prince George's County's thriving real estate market."
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:
Arnita Greene, 2025 PGCAR President - 240-997-0198, Arnita@theGreeneGrp.com
Mike Graziano, Executive Vice President - 301-306-7900, MikeG@pgcar.com
