Prince George's County, Maryland
May 2024 Market Watch
Prince George's County Home Sales Grow 7.2%
as Homebuyer Demand Remains Strong
and Interest Rates Stabilize
Landover, MD, June 2024 - The Prince George's County Association of REALTORS® (PGCAR) reports May County Closed Home Sales grew 7.2% over April, boosted by continuing strong homebuyer demand and a welcome 13.1% increase in Active Listings. May Sales were also brisk, with half of the Prince George's County homes listed in May under contract within 10 days. The May Median Sold Price was $430,000, increasing 1.4% over May 2023 and even with April. Average Sold Price was $445,293, increasing 2.6% over May 2023 and practically even with April (increasing 0.2%). Prince George's County home values set new record highs for May Average and Median Sold Prices!
Total Sales Volume (Closed Sales times Average Sold Price) rose 7.8% from $311,658,128 Total Sales Volume in April to $336,039,295 in May, despite mortgage interest rates hovering around 7%. May saw 763 Closed Sales, a 7.2% increase over April and 6.4% decrease from 2023. New Pending Sales totaled 849, decreasing 5.5% from April and 6.8% from 2023. Total Contract Activity for Prince George's County homes (763 Closed Sales plus 849 New Pending Sales in May) continues to considerably outnumber Active Listings (averaging 1,141 in May). May Total Contract Activity surpassed May Active Listings by 41.3%.
The average number of Active Listings grew 13.1%, from 1,009 in April to 1,141 in May, a second month of welcome growth in available "for sale" homes for potential homebuyers to consider after five months of declining or unchanged home inventory levels. 947 New Listings came on the market in May, almost matching April's 954 New Listings. This lifted Months of Supply 13.6% from 1.41 to 1.6 in May, meaning current listings will sell out in 1.6 months if there are no new listings. The May Contract Ratio was 1.19 Pending Contracts per Active Listing, down from 1.38 in April and 1.52 in May 2023. A higher Contract Ratio indicates the market is moving in favor of the Seller. A Contract Ratio close to 1 indicates a more balanced market with matching opportunities for the Buyer and Seller.
Prince George's County homes remain in hot demand and low supply. County homes are selling quickly! Median Days on Market (DOM), which measures the time between Listing and Contract signing, was just 10 days for the second consecutive month, a significant decrease from February (18 Median Days on Market) then March (14 days). Average Days on Market also saw a notable drop, reaching 23 days after decreasing 4.2% from April, plunging a cumulative 32.4% from February (34 days) and decreasing 11.5% from May 2023 (26 days).
All market indicators continue to 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.
| May 2024 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $336,039,295 | - 4.2% | + 7.8% |
| Closed Sales | 763 | - 6.4% | + 7.2% |
| Median Sold Price | $430,000 | + 1.4% | - 0.1% |
| Average Sold Price | $445,293 | + 2.6% | + 0.2% |
| Median Days on Market | 10 days | + 0% | + 0% |
| Average Days on Market | 23 days | - 11.5% | - 4.2% |
| New Pending Sales | 849 | - 6.8% | - 5.5% |
Gene Sementilli, PGCAR President and CENTURY 21® New Millennium Associate Broker, shared current home buyer and seller opportunities: "The demand for Prince George's County homes continues to outpace supply. The 7.8% increase in Closed Home Sales for May, with 50% of homes under contract within 10 days of listing for the second month in a row, is clear testimony to the home value growth and economic strength Prince George's County enjoys. Prince George's is a great place to live or grow a business. 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.
We continue to see home sales expanding when inventory expands. Over two years of critically low inventory and unmet homebuyer demand still exist. This, coupled with the positives of Prince George's County homeownership, is expected to drive price growth and quick sales through 2024.
This is an especially advantageous time for home sellers and buyers to jump into the Prince George's County home market. Sellers are enjoying quick sales at home values which have significantly appreciated, including for homes owned fewer than 10 years. Home buyers currently enjoy a wider selection of available homes than during the tight inventory of available homes much of the past three years has seen."
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. Also 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 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
