July brought an increase in the median sale prices of homes to many parts of the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. The Maryland suburbs include Charles, Frederick, Montgomery and Prince George’s counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices increased in much of the suburban Maryland real estate market in July. Charles County experienced the largest increase at 11 percent, followed by Prince George’s County with an increase of 5 percent. In Frederick County, the median sale price increased by 4 percent, while Montgomery County experienced no year-over-year change.
The number of homes sold varied in the suburban Maryland region in July when compared to the same month last year, with Charles County experiencing a 13 percent increase. In Prince George’s County, the number of homes sold rose by 4 percent. In Frederick and Montgomery counties, the number of homes sold fell by 5 percent and 9 percent, respectively.
Inventory declined in the suburban Maryland market in July, dropping by 31 percent in Charles County and 25 percent in Prince George’s County. Frederick and Montgomery counties experienced a 15 percent decline in active inventory.
Homes sold at a steady pace throughout the region, with many selling in four to seven weeks on average. In Montgomery County, the days on market (DOM) average was 29 days, followed by Prince George’s County with a DOM average of 31 days. Homes sold in about 38 days on average in Frederick County and in Charles County, the DOM average was 43 days.
“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the suburban Maryland region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do 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 MRIS or Long & Foster Real Estate.