Prince George’s County’s home sales hit a record-high median sold price in July for the fifth consecutive month, according to the Prince George’s County Association of Realtors.
The July median sold price of $389,550 was a 0.9% increase over the previous month’s record and a 14.1% increase from July 2020, the association said.
Additionally, last month’s average days on market (DOM) dipped to 12 days, beating April’s all-time record low and marking a 55.6% decrease from July 2020, according to the association.
Total sales volume was $409,966,228, increasing 38.8% over July 2020 and just 9% below last month’s all-time high. July saw 1,043 closed sales at a $401,006 average sold price increasing 9.9% and 12.8%, respectively, from July 2020.
The continuing high demand amid tight inventory levels continues to propel more homes sold at higher prices and record-low DOM, according to the association, which said the sales spike is especially impressive given that the inventory of listed homes for sale remained at a 0.8-month supply through July.

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WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

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