Prince George's County, Maryland
January 2025 Market Watch
Prince George's County Home Market:
Price and Pending Sales Growth
Defy Normal January Slowdown,
Providing a Strong Start to 2025
Landover, MD, February 2025 - The Prince George's County Association of REALTORS® (PGCAR) celebrates a booming end to 2024, and a strong start to 2025 as home values and new pending sales defy the typical January slowdown. Total Home Sales Volume (Closed Sales times Average Sold Price) climbed 6.3% year-over-year to $229 million, driven by a 7.5% increase in the Average Sold Price compared to 2024. While month-over-month sales showed a seasonal pause, January followed four consecutive months of strong sales growth - unusual for the winter season. Despite January being a historically slow sales month, half of all listed homes went under contract within 25 days, matching 2024's Median Days on Market and underscoring Prince George's County's resilient buyer demand.
- Rising Home Values: In January, the Average Sold Price increased to $452,150 - a 7.5% year-over-year gain - and saw a mild 1.9% decline from December, a smaller-than-usual seasonal decrease. The Median Sold Price reached $447,490, reflecting a 5.3% increase over 2024 and remaining nearly unchanged from December. Both metrics set record highs for January.
- Sales Activity and Buyer Demand: January saw a 2.5% month-over-month increase in new contract activity with 623 New Pending Sales. Closed sales totaled 507, a slight 1.4% dip from 2024 and a 31.7% drop from December. However, this follows a December surge of 19.1% growth. Despite the seasonal fluctuation, overall contract activity (507 Closed Sales plus 623 New Pending Sales) indicates strong market demand. In this supply-constrained environment, total contract activity outpaced Active Listings, which averaged 1,102 in January, also by 2.5%.
- Inventory Trends: Active Listings averaged 1,002 in January, marking a 7.8% increase from December. After declining 44.4% between October and December 2024, New Listings are starting to rebound. They rose 44.3% month-over-month (with a net decline of 157 listings from October to January) but remained 6% lower than January 2024, totaling 700 new listings. The Months of Supply increased slightly from 1.38 to 1.48, meaning that if no new listings were added, the current inventory would be sold in 1.48 months.
- A Balanced and Resilient Market: A closer look at January's market data reveals continued strength, high homeownership demand, and a solid foundation for 2025. If inventory expands, sales are expected to follow suit. The Contract Ratio for January was 0.97 (Pending Contracts per Active Listing), indicating a balanced market where buyers and sellers are on relatively equal footing. Buyers have slightly more time to make decisions compared to peak market periods, while still in the winter months, yet sellers continue to benefit from strong pricing power.
While inventory grew modestly, tight supply keeps the market competitive, with homes selling at an average of 98.8% of their Original Listing Price. Homes continued to move quickly, with a Median Days on Market (DOM) of 25 days - well below the national median of 55 days. The Average DOM in Prince George's County was 38 days, significantly faster than the national average of 73 days.
Market Performance Snapshot
| January 2025 | Year Over Year (YoY) | Month Over Month (MoM) | |
|---|---|---|---|
| Total Sold Dollar Volume | $228,846,259 | + 6.3% | - 32.7% |
| Closed Sales | 507 | - 1.4% | - 31.7% |
| Median Sold Price | $445,000 | + 6.9% | - 0.6% |
| Average Sold Price | $452,150 | + 7.5% | - 1.9% |
| Median Days on Market | 25 days | + 0% | + 13.6% |
| Average Days on Market | 38 days | + 15.2% | + 15.2% |
| New Pending Sales | 623 | - 16.4% | + 2.5% |
Expert Insights on Market Strength
Arnita Greene, PGCAR President and REALTOR® with Capital Structures Real Estate, emphasized the county's ongoing market momentum: "Prince George's County remains a hot and growing market! Despite January typically being a slower sales month, we saw rising home values, relatively fast sales, and an increase in new contracts. With mortgage rates stabilizing and expected to remain steady through 2025, along with a gradual expansion of housing supply, this year presents great opportunities for both buyers and sellers.
Prince George's County has now experienced five consecutive months of Total Market Volume growth, ranging between 6.3% and 29.1%. Total 2024 Home Sales rose 4.5% over 2023, and January 2025 held steady with last year. The average home value climbed to $452,150, a 7.5% increase over 2024, while the median value rose 6.9% to $445,000. These trends reaffirm Prince George's County as a vibrant and growing market.
With regards to the escalating rumors that DC region homeowners are rushing to sell, the data simply doesn't show it. And while the entire mid-Atlantic region is expected to remain strong in home sales and investment, Prince George's County will continue to boast a unique combination of affordability, quality of life, home seller, buyer and investment opportunities above and beyond other locations in the Maryland-Washington DC-Northern Virginia region.
Stable mortgage rates and low unemployment are expected to keep inventory tight through 2025," Greene added. "New home construction and regional economic strength should help increase available inventory, while pent-up demand from at least three years of aspiring homeowners will drive closed sales. If you're considering buying or selling in 2025, reach out to a REALTOR® early. A REALTOR® can help sellers position their homes strategically to maximize returns, and buyers should seek the guidance of a REALTOR® to navigate the market effectively. Ask your REALTOR® to also connect you with financing experts. A REALTOR®'s expertise can guide you from setting your goals to that exciting moment of exchanging keys!"
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
