The Long & Foster Market Minute

FOCUS ON: PRINCE GEORGE'S COUNTY HOUSING MARKET MAY 2024

Units Sold
769
Active Inventory
1,206
Median Sale Price
$430,500
Days On Market
24
Down -9%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 769 sold this month in Prince George's County Real Estate versus 746 last month, an increase of 3%. This month's total units sold was lower than at this time last year, a decrease of 9% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 7 units or 1%. The total number of active inventory this May was 1,206 compared to 1,199 in May 2023. This month's total of 1,206 is lower than the previous month's total supply of available inventory of 1,295, a decrease of 7%.

Median Sale Price
Last May, the median sale price for Prince George's County Homes was $425,000. This May, the median sale price was $430,500, an increase of 1% or $5,500 compared to last year. The current median sold price is 1% lower than in April.

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


New Listings
976
Current Contracts
848
Sold Vs. List Price
101.0%
Months of Supply
1.6
Up 1%
Vs. Year Ago
Up 3%
Vs. Year Ago
No Change
Vs. Year Ago
Up 11%
Vs. Year Ago

Months of Supply
In May, there was 1.6 months of supply available in Prince George's County, compared to 1.4 in May 2023. That is an increase of 11% 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 976 homes newly listed for sale in Prince George's County compared to 964 in May 2023, an increase of 1%. There were 848 current contracts pending sale this May compared to 823 a year ago. The number of current contracts is 3% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Prince George's County was 101.0% 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 24, lower than the average last year, which was 27, a decrease of 11%.

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.