The Long & Foster Market Minute

Focus On: Prince George's County Housing Market December 2022

Units Sold
742
Active Inventory
1,109
Median Sale Price
$408,140
Days On Market
29
Down -33%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 32%
Vs. Year Ago

Units Sold
There was an increase in total units sold in December, with 742 sold this month in Prince George's County Real Estate versus 636 last month, an increase of 17%. This month's total units sold was lower than at this time last year, a decrease of 33% versus December 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 61 units or 6%. The total number of active inventory this December was 1,109 compared to 1,048 in December 2021. This month's total of 1,109 is lower than the previous month's total supply of available inventory of 1,485, a decrease of 25%.

Median Sale Price
Last December, the median sale price for Prince George's County Homes was $395,000. This December, the median sale price was $408,140, an increase of 3% or $13,140 compared to last year. The current median sold price is 5% higher than in November.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
572
Current Contracts
606
Sold Vs. List Price
99.3%
Months of Supply
1.5
Down -32%
Vs. Year Ago
Down -25%
Vs. Year Ago
Down -1.2%
Vs. Year Ago
Up 59%
Vs. Year Ago

Months of Supply
In December, there was 1.5 months of supply available in Prince George's County, compared to 0.9 in December 2021. That is an increase of 59% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 572 homes newly listed for sale in Prince George's County compared to 839 in December 2021, a decrease of 32%. There were 606 current contracts pending sale this December compared to 808 a year ago. The number of current contracts is 25% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Prince George's County was 99.3% of the average list price, which is 1.2% lower than at this time last year.

Days on Market
This month, the average number of days on market was 29, higher than the average last year, which was 22, an increase of 32%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.