The Prince George’s County Association of Realtors reports a 24.2% surge during May to 815 closed sales.
Plus, new pending contracts also increased from 3.5% in April to 898 new pending contracts in May. The addition of 853 new listings in May was enough to fuel this burst, providing further evidence that sales and the high demand for county homes are constrained by limited supply, the association said.
Homes also sold more quickly in May, with days on the market decreasing by 23.1% down to 10 days.
In further evidence of economic growth, home values set record highs in median sold price and average sold price for May. The median price for a home sold was $424,000, increasing one percent over April and 2.2% over May 2022.
The average sold price was $433,987, decreasing 0.3% from April and increasing 0.3% over May 2022. Contract activity in the county has outpaced active listings for every month of 2023.
This translates into the months of supply of “for sale” homes remaining low at 1.1, meaning that if no new listings are added, current listings would sell out in 1.1 months.
All market indicators continue to point to the long-standing strength of the county’s home market, especially given the attractiveness and relative affordability of Prince George’s within the Washington, D.C. region.
Rachel Jefferies, PGCAR president and associate broker at Keller Williams Preferred Properties, said homeownership in the county is a good route to take presently.
“If you are considering selling or buying a home, please contact a realtor soon,” she said. “Your local realtor can provide a competitive market analysis for your current home, and a detailed analysis for locations you’re considering. Let a realtor help set a favorable and realistic budget or price; manage the home searches and showings, inspections, appraisals, and myriad other details; and guide you towards a favorable outcome in buying or selling a home.”