Prince George's County, Maryland
July 2024 Market Watch
Prince George's County Home Sales
Jump 12.9% As Sellers Enter the Market
Landover, MD, August 2024 - The Prince George's County Association of REALTORS® (PGCAR) reports July Closed Home Sales soared 9.3% over last month and 12.9% over July 2023, boosted by continuing strong homebuyer demand and a welcome 4.7% increase in Active Listings. July Sales were also brisk, with half of the Prince George's County homes listed in July under contract within 10 days. The July Median Sold Price was $448,200, increasing 3% over July 2023 and nearly even with June's $450,000 Median Sold Price. Average Sold Price was $464,310, also increasing 3% over July 2023 and practically even with June (increasing 0.4%). Prince George's County home values set new record highs for July Average and Median Sold Prices!
Total Sales Volume (Closed Sales times Average Sold Price) rose an extraordinary 16.3% from July 2023 and 9.5% from June to $362,041,321 in July. July saw 787 Closed Sales, a 12.9% increase over 2023 and 9.3% increase over June. New Pending Sales totaled 852, increasing 7.2% over 2023 and decreasing 5.4% from June. Total Contract Activity for Prince George's County homes (787 Closed Sales plus 852 New Pending Sales in July) continues to considerably outnumber Active Listings (averaging 1,243 in July). July Total Contract Activity surpassed July Active Listings by 31.8%.
The average number of Active Listings grew 4.7%, from 1,187 in June to 1,243 in July, a fourth month of notable growth in available "for sale" homes for potential homebuyers to consider after a long period of critically low home inventory levels. 920 New Listings came on the market in July, almost matching June's 933 New Listings. This kept Months of Supply steady at 1.7 in July, meaning current listings will sell out in 1.7 months if there are no new listings. The July Contract Ratio was 1.08 Pending Contracts per Active Listing, down from 1.20 in June and 1.16 in July 2023. A lower Contract Ratio indicates the market is moving in favor of the Buyer. A Contract Ratio close to 1 indicates we are moving toward 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, remains steady at 10 days for the fourth consecutive month. Average Days on Market saw a notable drop, reaching 21 days after decreasing 8.7% from June and plunging a cumulative 36.4% from January's 33 days. In addition, the July Average Sold to Original Listing Price Ratio was 100.1%, meaning the July Average Sold Price essentially matched (was 0.1% greater than) the Original Listing Price.
All market indicators continue to show the strength of the Prince George's County home market. With the economy, homebuyer demand, mortgage interest rates and inflation all trending favorably, now is an excellent time to buy or sell in Prince George's County.
| July 2024 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $362,041,321 | + 16.3% | + 9.5% |
| Closed Sales | 787 | + 12.9% | + 9.3% |
| Median Sold Price | $448,200 | + 3% | - 0.4% |
| Average Sold Price | $464,310 | + 3% | + 0.4% |
| Median Days on Market | 10 days | + 11.1% | + 0% |
| Average Days on Market | 21 days | + 0% | - 8.7% |
| New Pending Sales | 852 | + 7.2% | - 5.4% |
Gene Sementilli, PGCAR President and CENTURY 21® New Millennium Associate Broker, shared current home buyer and seller opportunities: "July's explosive growth in Prince George's County home sales further proves the high demand for Prince George's County homes. The increase in "for sale" homes and a drop in the average 30-year mortgage interest rate from 6.95% to 6.73% helped fuel a sales surge of 12.9% over 2023 and 9.3% over June, with 50% of homes under contract within 10 days of listing for the fourth month in a row. 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!
Many potential home sellers who paused their next move during rising mortgage interest rates are now entering the market. Recently and soon-to-be completed new home construction is also expanding townhome and single-family homes available to homebuyers.
Home buyers are enjoying a wider selection of available new and existing homes than during most of the past four years." 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
