The Long & Foster Market Minute

Focus On: Prince George's County Housing Market June 2020

Units Sold
916
Active Inventory
919
Median Sale Price
$340,950
Days On Market
29
Down -11%
Vs. Year Ago
Down -60%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 916 sold this month in Prince George's County Real Estate versus 724 last month, an increase of 27%. This month's total units sold was lower than at this time last year, a decrease of 11% versus June 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,388 units or 60%. The total number of active inventory this June was 919 compared to 2,307 in June 2019. This month's total of 919 is lower than the previous month's total supply of available inventory of 1,344, a decrease of 32%.

Median Sale Price
Last June, the median sale price for Prince George's County Homes was $312,000. This June, the median sale price was approximately the same at $340,950. The current median sold price is 9% higher than in June 2019.

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


New Listings
1,055
Current Contracts
1,213
Sold Vs. List Price
99.9%
Months of Supply
1.0
Down -21%
Vs. Year Ago
Up 17%
Vs. Year Ago
No Change
Vs. Year Ago
Down -56%
Vs. Year Ago

Months of Supply
In June, there was 1.0 months of supply available in Prince George's County, compared to 2.2 in June 2019. That is a decrease of 55% 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 1,055 homes newly listed for sale in Prince George's County compared to 1,334 in June 2019, a decrease of 21%. There were 1,213 current contracts pending sale this June compared to 1,040 a year ago. The number of current contracts is 17% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Prince George's County was 99.9% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 29, lower than the average last year, which was 34, a decrease of 15%.

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.