Prince George's County, Maryland
November 2024 Market Watch
Prince George's County Home Market:
Home Sales Surge and Home Values Rise for a Third Month
as Days on Market Drop, Setting up a Promising New Year
Landover, MD, December 2024 - The Prince George's County Association of REALTORS® (PGCAR) reports a third consecutive month of strong growth over last year in the Prince George's County's housing market. November's Total Home Sales Volume (Closed Sales times Average Sold Price) reached $279 million, a significant 9% increase compared to November 2023. This growth was driven by a 4% rise in Closed Sales and a 5.1% increase in Average Sold Price over last year. Half of all Prince George's County's listed homes went under contract within just 12 days, underscoring robust buyer demand and setting the stage for a strong winter and 2025 market!
- Home Prices: In November, the average sold price climbed to $450,196 - a 5.1% year-over-year increase and a modest 1.1% dip from October, defying the larger seasonal slowdowns typically seen during the holiday season. The median sold price stood at $440,000, reflecting a 4.8% increase from the previous year and remaining steady with October. These figures set new record highs for November's average and median home prices in Prince George's County!
- Sales Activity: Closed Sales for November totaled 623, a 4% increase from 2023. While sales dipped 13.6% month-over-month matching typical seasonal trends, New Pending Sales remained steady at 709, down only 0.8% year-over-year. Combined contract activity for Prince George's County homes (623 Closed Sales plus 709 New Pending Sales) continue to surpass monthly Active Listings (averaging 1,189 in November), outnumbering Active Listings by 12% during November.
- Inventory Trends: Active listings averaged 1,189 in November, reflecting a 0.8% increase from 2023 but a 7% decline from October. New listings dropped significantly, falling 25.4% month-over-month and 12.3% year-over-year to 639. With such a higher demand than supply, Months of Supply declined to 1.62 during November, meaning that if there are no new listings, current listings will sell out in 1.63 months.
The November Contract Ratio rose to 1.12 (Pending Contracts per Active Listing), reflecting the tightening supply and slight movement towards a Seller's market. This is up from October's 1.04 Contract Ratio and a large jump from the November 2023 0.93 Contract Ratio (which slightly favored Buyers).
Homes also sold quickly, with a Median Days on Market (DOM) between Listing and Contract signing of just 12 days - far outperforming the national Median of 62 days. The Average DOM in Prince George's County was 24 days in November, dropping 7.7% from 2023 and 14.3% from October. Additionally, homes sold at an average of 100% of their Original Listing Price, highlighting strong pricing power for sellers.
| November 2024 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $278,992,788 | + 9% | - 14.4% |
| Closed Sales | 623 | + 4% | - 13.6% |
| Median Sold Price | $440,000 | + 4.8% | - 0.2% |
| Average Sold Price | $450,196 | + 5.1% | - 1.1% |
| Median Days on Market | 12 days | - 7.7% | - 25% |
| Average Days on Market | 24 days | - 7.7% | - 14.3% |
| New Pending Sales | 709 | - 0.8% | - 8.5% |
Arnita Greene, PGCAR President and REALTOR® with Capital Structures Real Estate, emphasized the exceptional opportunities for Prince George's County home buyers and sellers: "November's strong sales activity, rising home values, and rapid sales demonstrate Prince George's County's appeal for homebuyers. With steadying mortgage rates and a wide variety of available "for sale" homes, 50% of homes went under contract within 12 days. Prince George's County offers a unique combination of affordability, quality of life, home seller, buyer and investment opportunities unmatched in the Maryland-Washington DC-Northern Virginia region."
Greene also urged buyers and sellers to leverage the expertise of a REALTOR®. "Navigating today's dynamic market and 2025 opportunities requires expert guidance. REALTORS® offer the experience, connections, and knowledge needed to needed to successfully proceed through pricing, negotiations, showings, inspections, and the myriad other details and reach that magic moment of exchanging keys with confidence!
With continued strong demand, favorable economic conditions, stabilizing mortgage rates, and available homeownership programs, now is an excellent time to buy or sell a home in Prince George's County."
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:
Arnita Greene, 2025 PGCAR President - 240-997-0198, Arnita@theGreeneGrp.com
Mike Graziano, Executive Vice President - 301-306-7900, MikeG@pgcar.com
