January brought an increase in median sale prices 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 rose in the suburban Maryland real estate market in January with Montgomery County experiencing an 8 percent increase. In Prince George’s County, the median sale price increased by 7 percent, while it rose by 5 percent in both Charles and Frederick counties.

The number of homes sold increased in most of the suburban Maryland region in January when compared to the same month last year, with Frederick County experiencing a 31 percent increase. In Montgomery County, the number of homes sold rose by 7 percent, followed by Prince George’s County, where it rose by 2 percent. In Charles County, the number of homes sold declined by 13 percent.

Inventory declined throughout the suburban Maryland market in January, dropping by 32 percent in Prince George’s County and 28 percent in Frederick County. Charles County experienced a 26 percent decline in active inventory, and in Montgomery County it fell by 24 percent.

Homes are selling at a steady pace throughout the region, with many selling in a little over two months or less on average. Prince George’s County experienced the shortest days on market (DOM) average of 43 days, while in Montgomery County homes sold in about 54 days on average. In Frederick and Charles counties, the DOM average was 61 days and 65 days, respectively.

“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the suburban Maryland region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy spring market.”

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.