June brought an increase in the median sale prices of homes to 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 throughout the suburban Maryland real estate market in June. Prince George’s County experienced the largest increase at 7 percent, followed by both Charles and Frederick counties with an increase of 5 percent. In Montgomery County, the median sale price increased by 2 percent.
The number of homes sold declined in most parts of the suburban Maryland region in June when compared to the same month last year, though Frederick County experienced a 12 percent increase. In Prince George’s County, the number of homes sold fell by 2 percent, while it decreased by 4 percent in Montgomery County and 13 percent in Charles County.
Inventory declined in the suburban Maryland market in June, dropping by 33 percent in Charles County and 29 percent in Prince George’s County. Frederick and Montgomery counties experienced a 17 percent decline in active inventory.
Homes sold at a steady pace throughout the region, with many selling in four to six weeks on average. In Montgomery County, the days on market (DOM) average was 28 days, followed by Prince George’s County with a DOM average of 33 days. Homes sold in about 34 days on average in Frederick County and in Charles County, the DOM average was 42 days.
“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the suburban Maryland region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”
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.