Prince George’s County home sales and values continued to grow steadily in February, showing market resilience despite broader national economic uncertainties, according to the Prince George’s County Association of Realtors.
While many regions experience a typical winter slowdown, Prince George’s County maintained strong buyer demand and market stability, building on a robust close to 2024 and promising start to 2025. February’s total home sales volume increased 2.1% month-over-month to $233.5 million, driven by a 1.2% rise in the average sold price and 0.9% gain in closed sales.
Sales have grown in four of the past five months — a rare trend for fall and winter seasons. Despite February traditionally being a slow sales month, half of all listed homes went under contract within 18 days, matching 2024’s median days on market and reflecting a 28% decrease from January.
February’s average sold price increased to $455,993 — a 4.4% year-over-year gain and 0.9% increase over January. Median sold price reached $450,000, reflecting a 5.9% increase over 2024 and a 1.1% increase over January. Both price metrics set new record highs for February.
February saw 1% month-over-month growth in new contract activity with 629 new pending sales. Closed sales totaled 513, a 1.2% gain over January and 14.5% drop from 2024. Despite the fluctuation, overall contract activity indicates strong market demand.
While inventory remains constrained, February saw a 32.4% month-over-month increase to 1,164 active listings, partially reversing previous declines. After plunging 44.4% between October and December 2024, new listings are starting to rebound.
The February contract ratio was 0.94 (pending contracts per active listing), indicating a balanced market where buyers and sellers are on relatively equal footing.
Tight supply keeps the market competitive, with homes selling at an average of 98.9% of their original listing price. Homes continued to move quickly, with a median days on market of 25 days — well below the national median of 42 days. The average days on market in Prince George’s County was 38 days, significantly faster than the national average of 66 days.
“Prince George’s County remains a dynamic and growing market,” said Arnita Greene, PGCAR president and Realtor with Capital Structures Real Estate. “We continue to see rising home values, fast sales and strong contract activity. With mortgage rates declining and expected to decrease just under another half percentage point in 2025, this year presents excellent opportunities for both buyers and sellers.”