Prince George's County, Maryland
March 2024 Market Watch

Landover, MD, April 2024 - The Prince George's County Association of REALTORS^® (PGCAR) reports County home sales and values started spring with a healthy increase fueled by the continued hot demand and undersupply of Prince George's County homes. March Closed Sales increased by 13.2%, and New Pending Sales (a leading market indicator) rose by 3.5% over February. The March Median Sold Price was $435,000, increasing 4.8% over March 2023 and 2.4% over February. Average Sold Price was $451,387, increasing 6.1% over March 2023 and 3.3% over February. Prince George's County home values started 2024 by setting new record highs for Average and Median Sold Prices in all three months!

Prince George's County homes are in high demand and selling quickly! Median Days on Market, which measures the time between Listing and Contract signing, plummeted to just 14 days in March, marking a significant 22.2% decrease from February and a 26.3% decrease from 2023. Average Days on Market also saw a notable drop, reaching 29 days, a 14.7% decrease from February and a 19.4% decrease from 2023.

While mortgage interest rates rose slightly from February to March, Total Sales Volume (Closed Sales times Average Sold Price) rose 16.5% from February's 260,970,156 Sales Volume to 303,888,253 in March. March Total Sales and New Pending Sales both improved over the prior month. March saw 679 Closed Sales, a 9.6% decrease from 2023 and 13.2% increase over February. New Pending Sales totaled 840, a 5.6% decrease from 2023 and 3.5% increase over February. As further evidence of how appreciably the low availability of "for sale" homes impacts home sales, 2024 first quarter Closed Sales for attached homes (e.g., townhomes) and condominiums experienced double-digit growth over the 2023 first quarter. Why? Available inventory increased from 2023 to 2024 in the overall attached homes and condominium markets, allowing homebuyer demand to be better met. In contrast, the number of single-family home listings decreased from 2023 to 2024; thus, supply wasn't adequate to meet demand, and single-family home sales decreased from 2023 to 2024.

The average number of Active Listings only rose 0.8%, from 879 in February to 886 in March. 775 New Listings came on the market in March, 4.6% greater than February's 741 New Listings. Months of Supply rose slightly from 1.22 to 1.25 in March, meaning current listings will sell out in 1.25 months if there are no new listings. The March Contract Ratio was 1.48 Pending Contracts per Active Listing, up from 1.41 in February and 1.35 in March 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.

© 2024 Market Stats by ShowingTime and Bright MLS

Gene Sementilli, PGCAR President and CENTURY 21^® New Millennium Associate Broker, shared current home buyer and seller opportunities: "We are even more proud of Prince George's County as we witness its great appeal as a place to live or grow a business, even through the "wait and see" period much of the U.S. home market is seeing. March Home Sales increased by 13.2%, and Average Sold Price increased by 3.3% in Prince George's County, deviating greatly from national March Home Sales, which receded from February to March. Especially given that the inventory of available homes rose when measured nationally, the sales decline experienced elsewhere is largely attributed to the predicted drop in interest rates not materializing as early as previously expected. Meanwhile, the increased Closed and Pending Sales at fewer Days on Market experienced by Prince George's County attests to the confidence in long-term value and economic strength our County enjoys. Prince George's 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.

With strong County homebuyer demand at all price points and available homes selling quickly, it's a great time to sell! The small 0.8% increase in "for sale" homes during March also pushed a 3.4% month-over-month increase in new contract activity to 840 New Pending Sales. Total Contract Activity for Prince George's County homes (679 Closed Sales plus 840 New Pending Sales in March) continues to considerably outnumber Active Listings (averaging 886 in March), with March Total Contract Activity surpassing March Active Listings by 71.4%.

All indicators are still declaring strong homebuyer demand, and for good reason. It's also a great time to buy! Over two years of critically low inventory and unmet homebuyer demand exist. This, coupled with the positives of Prince George's County homeownership, is expected to drive price growth and quick sales through 2024. Why not buy sooner rather than later to take advantage of the high probability of short-term and long-term home value growth? If you are considering buying or selling, please consider doing so now. Home values have been rising, allowing most sellers a substantial gain. Those same steadily rising home values also provide home buyers with a high confidence in gaining equity in their home and improved financial security, especially if they are trading in a monthly rent payment for a predictable monthly mortgage payment. This equity growth and better control of housing expenses make homeownership the greatest predictor of generational wealth."

Sementilli added: "Contact a REALTOR^® now to properly prepare for buying or selling a home and save you time and stress in this fast-paced market.

Let your local REALTOR^® guide you through the hundreds of details in your journey to either "Bought!" or "Sold!"

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