Prince George's County, Maryland
October 2024 Market Watch
Prince George's County Home Market:
Home Sales and Pending Sales Surge for a Second Month
Amid Record Home Values and Expanding Choices
Landover, MD, November 2024 - The Prince George's County Association of REALTORS® (PGCAR) reports robust growth in the Prince George's County October housing market. Total Home Sales Volume (Closed Sales times Average Sold Price) reached $325.8 million, a remarkable 14.3% increase over October 2023. This surge was fueled by an 11.1% rise in Closed Sales and a 3.3% uptick in Average Sold Price compared to last year. Half of all Prince George's County homes listed were under contract within 16 days, showcasing sustained buyer demand.
- Home Prices: October's Average Sold Price hit $455,409, increasing 3.3% year-over-year and nearly even with September. Median Sold Price reached $440,750, up 3.7% year-over-year and even with last month. These County home values set new record highs for October Average and Median Sold Prices!
- Sales Activity: October's Closed Sales totaled 721, rocketing 11.1% over 2023. A 4.4% month-over-month Sales dip was lower than the average seasonal variance when entering the cooler months. New Pending Sales (a leading market indicator) reached 775, up 7% year-over-year, reinforcing optimism for a strong fall and winter market! October Contract Activity for Prince George's County homes (721 Closed Sales plus 775 New Pending Sales) continue to outnumber monthly Active Listings (averaging 1,278 in October), surpassing Active Listings by 17.1% during October.
- Inventory Trends: Active Listings averaged 1,278 in October, increasing 9% and 3.8% over September and 2023, respectively. New Listings also grew 7.5% month-over-month and 3% year-over-year to 857. Months of Supply increased 2.3% over 2023 to 1.76, meaning that if there are no new listings, current listings will sell out in 1.76 months.
The October Contract Ratio of 1.04 (Pending Contracts per Active Listing) reflects a return to a balanced market between Buyers and Sellers. This is down from September's 1.17 Contract Ratio (tending to favor Sellers) and a large jump from the October 2023 0.87 Contract Ratio (favoring Buyers).
Homes also sold quickly, with a Median Days on Market (DOM) between Listing and Contract signing of just 16 days, significantly outperforming the national Median of 58 days. The Average DOM in Prince George's County was 28 days in October, also in stark contrast to the national Average of 64 days. In addition, the October Average Sold-to-Original Listing Price Ratio was 99.7%, meaning the average Sold Price nearly matched (was 0.3% less than) the Original Listing Price.
Prince George's County homes remain in hot demand, with increasing Closed and Pending sales more than matching increasing supply communicating that there is still unmet homebuyer demand. Other market indicators also reflect the strength of the Prince George's County home market. With the economy and homebuyer demand strong and more favorable mortgage interest rates and inflation, now is an excellent time to buy or sell in Prince George's County!
| October 2024 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $325,777,961 | + 14.3% | - 5% |
| Closed Sales | 721 | + 11.1% | - 4.4% |
| Median Sold Price | $440,750 | + 3.7% | + 0% |
| Average Sold Price | $455,409 | + 3.3% | - 0.5% |
| Median Days on Market | 16 days | + 23.1% | + 14.3% |
| Average Days on Market | 28 days | + 12% | + 12% |
| New Pending Sales | 775 | + 7% | - 6.7% |
Arnita Greene, PGCAR President with Capital Structures Real Estate, emphasized current opportunities for home buyers and sellers: "October's surge in County home sales, rising values, and increased inventory highlight Prince George's County's desirability. With mortgage rates and the variety of available "for sale" homes also improving, 50% of homes went under contract within 16 days, reflecting strong demand and affordability compared to other areas within the Maryland-Washington DC-Northern Virginia region. Prince George's offers an excellent quality of life and is an ideal place to live or grow a business!"
Greene encouraged buyers and sellers to contact and work with a REALTOR®. "Navigating today's dynamic market requires expert guidance. REALTORS® bring unparalleled knowledge, connections, and experience to help you succeed, from setting the right price to closing with confidence."
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
