Prince George's County, Maryland
January 2024 Market Watch

Landover, MD, February 2024 - The Prince George's County Association of REALTORS^® (PGCAR) reports that Prince George's County started 2024 with an amazing 20.2% spike in New Pending Sales (a leading market indicator), lending real-time credibility to economists predicting 2024 home sales growth. In addition, Prince George's County home values continue to experience strong year-over-year growth. The January Median Sold Price was $416,275, increasing 4.1% over January 2023 and decreasing 2.1% from December. Average Sold Price was $420,665, increasing 3.1% over January 2023 and decreasing 2.4% from December. Prince George's County home values set record highs for every month of 2023, and started 2024 by setting a new record high for January's Average and Median Sold Prices! As we're still in the winter months, the usual annual lull time for home sales, these January annual gains are especially promising for the 2024 spring sales season and beyond. While high, unmet homeownership demand continues to drive strong appreciation and quick sales, lack of inventory is holding back consistent sales growth.

January New Pending Sales increased over the prior month, while Closed Sales decreased. January saw 514 Closed Sales, a 2.2% increase from 2023 and 16% decrease from December. New Pending Sales decreased 2.6% from 2023 while increasing 20.2% over December. This was as the average 30-year mortgage interest rate stabilized, hovering around 6.65% throughout January. Total Contract Activity for Prince George's County homes (514 Closed Sales plus 745 New Pending Sales in January) continues to considerably outnumber Active Listings (averaging 941 in January). January Total Contract Activity surpassed January Active Listings by 33.8%.

The average number of Active Listings decreased 1.5%, from 955 in December to 941 in January. Available "for sale" Prince George's County homes continue to sell fast, with Median and Average Days on Market (the time between Listing and Contract signing) decreasing 26.5% and 13.2% respectively from 2023. 2023 started at 34 Median and 38 Average Days on Market; 2024 started at 25 Median and 33 Average Days on Market.

745 New Listings came on market in January, experiencing a welcome 38% resurgence over December. The last double-digit growth in New Listings was in March 2023 for last year's spring market. Months of Supply decreased from 1.35 to 1.32 in January, meaning current listings will sell out in 1.32 months if there are no new listings.

The January Contract Ratio was 1.18 Pending Contracts per Active Listing, up from 1.06 in December and 1.04 in January 2023. A higher Contract Ratio indicates the market is moving in favor of the Seller. As the Contract Ratio hovers near 1.0, it also indicates we are still in a reasonably well-balanced market between Sellers and Buyers, with Sellers enjoying rising Sold Prices, and Buyers seeing a better value in home ownership with a bit more choice and decision-making time in their home search.

All market indicators show the strength of the Prince George's County home market. With the economy, homebuyer demand, and interest rates all trending favorably, 2024 (but especially now), presents an excellent time to buy or sell in Prince George's County.

© 2024 Market Stats by ShowingTime and Bright MLS

Gene Sementilli, PGCAR President and CENTURY 21^® New Millennium Associate Broker, provided insights on home buyer and seller opportunities: "Now is an exceptional time in Prince George's County home sales. For Sellers, there's strong homebuyer demand and a critically low inventory of "for sale" homes, driving price growth and quick sales. Prince George's County home values broke another all-time record in January and are predicted to increase moderately through 2024, allowing most sellers a substantial gain. Meanwhile, this also provides home buyers a high expectation of gaining equity in their home and financial security as they pay their monthly mortgage and enjoy the same long-term home value appreciation.

Affordability remains a pressing concern for home buyers, which further increases the appeal of our County. Prince George's offers relative affordability within the greater Maryland-Washington DC-Northern Virginia region and a wide selection of lifestyles from rural to urban within easy commuting of jobs, recreation, and culture. Especially if your home is well staged, priced and marketed, you will attract showings and buyers.

Prince George's County is already seeing a rise in offers per listing, another positive sign for 2024. January experienced an amazing 20.2% jump in New Pending Sales over December and Pending Contracts per Active Listing rose 11.3%. Now is the time to jump in! Please seriously consider beating the expected rush back into the market this spring. Although mortgage interest rates are expected to decrease towards the lower 6% range, most economists predict our strengthening economy will keep rates fairly stable near the 6.5% - 6.7% range until later 2024. Locking in a rate now guarantees your maximum rate and may still allow you the option to lower your rate if rates decrease.

Sementilli added: "Contact a REALTOR^® now to properly prepare for buying or selling a home. The lower mortgage rates, lower inflation, and strong job market will entice more prospective home sellers and home buyers to jump into the market. This typically demands more decisions of buyers and sellers in less time. Don't tackle that learning curve and high potential for elevated stress alone. Take advantage of your REALTOR^®'s market experience and expertise to efficiently guide and manage your journey from setting a buying budget or sales price to a successful contract!"

As a buyer, your REALTOR^® will provide invaluable assistance in evaluating and finding a best fit in new or existing, style, budget and lifestyle balance. As a seller, your REALTOR^® will give your home best and widest exposure to potential buyers. Also ask your REALTOR^® to connect you with a home financial expert to best leverage your money. There are constantly changing incentives for buying a home, including downpayment, closing costs, and tax savings. There's also an increasing array of state, county and local mortgage choices, including reverse mortgages, Seller financing, Veterans Home Loans, home renovation loans, and so many more.

Decrease your stress and increase your opportunities for success! Let your local REALTOR^® work on your behalf as a mediator, manager, and guide in your journey to either "Bought!" or "Sold!"

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