Prince George’s County home sales declined in July, ending a nine-month streak of steady growth as buyers held off on purchases while waiting for mortgage rates to drop further.
Sales fell 5.1% from June to 691 homes, while total sales volume dropped 7.3% to $315 million, according to data from the Prince George’s County Association of REALTORS.
The decline reflects typical summer market patterns but also buyer hesitation as mortgage rates averaged 6.67% in July — just 0.1 percentage point higher than July 2024. Many buyers and sellers are waiting for rates to fall later this year, industry officials said.
Despite the monthly dip, the county continues to outperform regional and national housing trends. Sales have increased in eight of the past 10 months, and home values remain stable compared with 2024 levels.
“Prince George’s County continues to offer exceptional opportunities,” said Arnita Greene, PGCAR president and realtor with Capital Structures Real Estate.
Prices Hold Steady Despite Sales Mix Shift
The median sold price slipped 1.2% from June to $447,887, while the average sold price declined 2.9% to $457,378. However, the average price per square foot held steady at $252, indicating consistent home values when adjusted for size.
The price declines reflect a shift in sales composition rather than falling values. The strongest activity came from homes priced between $250,000 and $400,000, where increased listings drove more sales than during the spring market. Meanwhile, sales of homes over $400,000 decreased slightly.
Contract activity totaled 1,393 transactions in July — including 691 settled sales and 702 new contracts — equal to 92.3% of June’s activity. The contract ratio fell to 0.58, down from 0.70 in June and 1.08 in July 2024.
Market Remains Competitive for Sellers
Homes sold for an average of 98.8% of their original listing price. The median days on market was 19 days, meaning half of all contracts were signed within 19 days of listing. The average days on market was 29 days, up from 27 but still well below the national average of 43 days.
Inventory gradually increased, moving toward long-term averages. New listings totaled 858 in July, while active listings rose from a June average of 1,682 to 1,803.
Regional Standout Performance
Prince George’s County’s housing market benefits from a mix of affordability, lifestyle diversity and amenities across education, recreation, culture and employment, making it a standout choice in the Washington region. The county has a growing population with a homeownership rate at about 64.5%.
The increased availability of affordable condominiums and single-family homes under $400,000, combined with mortgage rates trending toward 6.5%, has boosted optimism about first-time buyer opportunities.
Several programs help reduce costs for buyers, including Pathway to Purchase, which provides up to $25,000 toward down payments and closing costs, and Maryland SmartBuy 3.0, which eliminates up to $20,000 in student debt. Additional programs include Veterans Administration benefits and various Maryland mortgage programs.
Greene said the current market presents opportunities for both buyers and sellers, with expanding inventory and financial tools for buyers while sellers continue to see strong equity gains and quick sales.
“Whether you’re buying, selling or investing, now is the time to act,” Greene said.