Prince George’s County home values and pending sales defied typical January slowdowns, according to data released Monday by the Prince George’s County Association of Realtors (PGCAR).
Total home sales volume rose 6.3% year-over-year to $229 million, driven by a 7.5% increase in average sold price compared to January 2024. While month-over-month sales showed a seasonal pause, market analysts note that January followed four consecutive months of sales growth — unusual for winter months.
Half of all listed homes went under contract within 25 days, matching last year’s median days on market despite January typically being a slow sales month.
The average sold price increased to $452,150 — a 7.5% year-over-year gain — with a 1.9% decline from December, less than the typical seasonal decrease. The median sold price reached $447,490, up 5.3% from last year and nearly unchanged from December. Both figures represent record highs for January.
New contract activity increased 2.5% month-over-month with 623 pending sales. Closed sales totaled 507, down 1.4% from January 2024 and 31.7% from December, following a December surge of 19.1%. In this supply-constrained market, total contract activity outpaced active listings, which averaged 1,002 in January, up 7.8% from December.
“These numbers indicate strong market demand despite seasonal fluctuations,” said housing economist Dan Wilson, who tracks regional market trends. “The question is whether this momentum can be sustained if inventory doesn’t expand significantly in spring.”
New listings rose 44.3% month-over-month but remained 6% lower than January 2024, totaling 700. The months of supply increased slightly from 1.38 to 1.48, meaning at the current sales pace, existing inventory would sell out in about six weeks.
The contract ratio for January was 0.97 pending contracts per active listing, suggesting a market where buyers and sellers maintain relatively equal leverage. Homes sold at an average of 98.8% of their original listing price, with a median time on market of 25 days — well below the national median of 55 days.
Arnita Greene, president of the association and realtor with Capital Structures Real Estate, sees continued strength in the local market.
“Despite January typically being a slower sales month, we saw rising home values and an increase in new contracts,” Greene said. “With mortgage rates stabilizing, this year presents opportunities for both buyers and sellers.”
Local market observers note the county continues to offer a balance of affordability and quality of life compared to neighboring jurisdictions in the D.C. metro area.
“While rumors suggest homeowners are rushing to sell throughout the D.C. region, the data doesn’t support that narrative,” said regional housing analyst Sophia Chen. “Prince George’s has maintained its market stability better than some expected given current economic conditions.”
Economists predict mortgage rates will likely remain steady through 2025, which could support continued market stability if inventory expands as expected in spring.