Prince George's County, Maryland
September 2024 Market Watch
Prince George's County Home Sales Grow
and New Pending Sales Jump over 2023
with Rising Home Values and Inventory
Landover, MD, October 2024 - The Prince George's County Association of REALTORS® (PGCAR) reports September Total Home Sales Volume (Closed Sales times Average Sold Price) grew an astounding 14.1% over September 2023 to $342,802,896 this September, fueled by an 8.8% growth in Closed Sales and 4.7% growth in Average Sold Price over 2023. Half of the Prince George's County homes listed in September were under contract within 14 days. The September Average Sold Price was $457,698, increasing 4.7% over September 2023 and 0.3% over August. Median Sold Price was $440,895, increasing 5% over September 2023 and nearly even with August (decreasing 0.9%). Prince George's County home values set new record highs for September Average and Median Sold Prices!
September saw 754 Closed Sales, an increase of 8.8% over 2023, and 3.4% over August. New Pending Sales (a leading market indicator) totaled 831, rocketing 17.4% over 2023 while dropping 6.5% from August. The transition from summer to fall traditionally sees a decrease in closed and pending sales activity, thus the month-to-month decline is an expected display of home market seasonality. The large 17.4% increase in New Pending Sales over last year creates high optimism for a busy fall and winter home sales market! Total Contract Activity for Prince George's County homes (754 Closed Sales plus 831 New Pending Sales in September) continues to considerably outnumber Active Listings (averaging 1,172 in September). September Total Contract Activity surpassed September Active Listings by 35.2%.
The September average of 1,172 Active Listings nearly equaled the 1,200 Active Listings in August, dropping 2.3% month-to-month and up 0.9% over 2023. 797 New Listings came on the market in September, decreasing 4.4% from August and 0.9% from 2023. Months of Supply increased 0.8% over 2023 to 1.63, meaning current listings will sell out in 1.63 months if there are no new listings. The September Contract Ratio was 1.17 Pending Contracts per Active Listing, up from 1.15 in August and up from 0.93 in September 2023. A higher Contract Ratio indicates the market is moving in favor of the Seller.
Prince George's County homes remain in hot demand with increasing supply while remaining a tighter inventory than historical norms. While County home buyers are enjoying more options, County sellers are still enjoying quick sales! Median Days on Market (DOM), which measures the time between Listing and Contract signing, rose to 14 days (from 13 days in August). Average Days on Market rose from 23 to 25 days in September. Compare Prince George's County's historically low 14 Median and 25 Average Days on Market to the September national rates of 39 Median Days on Market and 40 Average Days on Market. In addition, the September Average Sold to Original Listing Price Ratio was 99.7%, meaning the September Average Sold Price nearly matched (was 0.3% less than) the Original Listing Price.
All market indicators continue to show the strength of the Prince George's County home market. With the economy and homebuyer demand strong, and mortgage interest rates and inflation decreasing, now is an excellent time to buy or sell in Prince George's County.
| September 2024 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $342,802,896 | + 14.1% | + 3.8% |
| Closed Sales | 754 | + 8.8% | + 3.4% |
| Median Sold Price | $440,895 | + 5% | - 0.9% |
| Average Sold Price | $457,698 | + 4.7% | + 0.3% |
| Median Days on Market | 14 days | + 27.3% | + 7.7% |
| Average Days on Market | 25 days | + 13.6% | + 8.7% |
| New Pending Sales | 831 | + 17.4% | - 6.5% |
Arnita Greene, PGCAR President with Capital Structures Real Estate, spoke of current home buyer and seller opportunities: "September's growth in Prince George's County home sales, values, and inventory of available "for sale" homes attests to the high demand for Prince George's County homes. It also increases the opportunities for both buyers and sellers throughout the remainder of 2024. A drop in mortgage interest rates further strengthened our county's home market, resulting in 50% of homes under contract within 14 days of listing. Prince George's continued home value growth and homebuyer demand proves the economic strength that 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, employment, recreation, and homes. Prince George's is a great place to live or grow a business!
Greene concluded: "Set yourself on the right path to successfully buy or sell your home. Contact a REALTOR® now to gain the advantages of an expert advocate and manager in this ever-changing complex market. Take advantage of your REALTORS®' great knowledge, connections, and experience to guide you through every detail from setting a price to that beautiful moment of closing on a home contract."
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, ArnitaGreene@gmail.com
Mike Graziano, Executive Vice President - 301-306-7900, MikeG@pgcar.com
