Prince George's County, Maryland
February 2024 Market Watch
Prince George's County Home Sales:
Pre-Spring Sales Volume Surges 19% Over 2023,
with 12.4% and 6.6% Gains in Closed and New Pending Sales
Landover, MD, March 2024 - The Prince George's County Association of REALTORS® (PGCAR) reports rising sales showing Prince George's County homes are in hot demand. February Closed Sales jumped 12.4% and New Pending Sales (a leading market indicator) rose 6.6% over 2023, lending more real-time credibility to economists predicting 2024 home sales growth. The strong homebuyer demand also continues to fuel strong growth in home values. The February Median Sold Price was $425,000, increasing 6.3% over February 2023 and 2.1% over January. Average Sold Price was $437,001, increasing 6% over February 2023 and 3.9% over January. Prince George's County home values started 2024 by setting new all-time record highs for January and February Average and Median Sold Prices! As February was still within the usual winter lull time for home sales, these early annual gains are especially promising for the 2024 spring sales season and beyond!
February monthly sales gains over January are even more impressive. Total Sales Volume (Closed Sales times Average Sold Price) reached 260,970,156, leaping 19% over 2023 and 21.2% over January. February Total Sales and New Pending Sales both surged over the prior month. February saw 600 Closed Sales, a 12.4% increase over 2023 and 16.7% increase from January. New Pending Sales totaled 812, a 6.6% increase over 2023 and 9% increase from January.
The average number of Active Listings decreased 6.6%, from 941 in January to 879 in February. Available "for sale" Prince George's County homes are selling fast, with Median and Average Days on Market (the time between Listing and Contract signing) decreasing 33.3% and 10.5% respectively from 2023. February 2023 listings stayed 27 Median and 38 Average Days on Market; February 2024 saw 18 Median and 34 Average Days on Market.
This was as the average 30-year mortgage interest rate rose slightly then hovered in the upper 6% range through February. Total Contract Activity for Prince George's County homes (600 Closed Sales plus 812 New Pending Sales in February) continues to considerably outnumber Active Listings (averaging 879 in February), with February Total Contract Activity surpassing February Active Listings by 60.6%.
741 New Listings came on market in February, almost matching January's 745 New Listings. Months of Supply decreased from 1.32 to 1.22 in February, meaning current listings will sell out in 1.22 months if there are no new listings. The February Contract Ratio was 1.41 Pending Contracts per Active Listing, up from 1.18 in January and 1.30 in February 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.
| February 2024 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $260,970,156 | + 19% | + 21.2% |
| Closed Sales | 600 | + 12.4% | + 16.7% |
| Median Sold Price | $425,000 | + 6.3% | + 2.1% |
| Average Sold Price | $437,001 | + 6% | + 3.9% |
| Median Days on Market | 18 days | - 33.3% | - 28% |
| Average Days on Market | 34 days | - 10.5% | + 3% |
| New Pending Sales | 812 | + 6.6% | + 9% |
Gene Sementilli, PGCAR President and CENTURY 21® New Millennium Associate Broker, provided insights on home buyer and seller opportunities: "We are extremely pleased to see an early arrival of Spring in Prince George's County. It's a great time to sell or buy! All indicators have been declaring strong homebuyer demand, but it's still a great joy to see the predicted sales growth happening, and more people gaining their new homes and closing their home sales. Unmet homebuyer demand, a critically low inventory of "for sale" homes, and all of the positives of Prince George's County homeownership are driving price growth and quick sales. Prince George's County home sales rose 26.5% over 2023 and 15.9% in February, while still in the traditionally slow winter sales season.
Affordability remains a pressing concern for home buyers, further increasing the appeal of our County. Prince George's offers a rising economy and relative affordability within the greater Maryland-Washington DC-Northern Virginia region with a wide choice of lifestyles. From rural to urban, single-family to condominium, Prince George's allows easier commuting to jobs, recreation, and culture."
Sementilli added: "Contact a REALTOR® now to properly prepare for buying or selling a home. Increase your opportunities for success. Let your local REALTOR® be your professional mediator, manager, and guide 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
