February brought an increase in median sale prices 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 rose in most of the suburban Maryland real estate market in February with Prince George’s County experiencing an 18 percent increase. In both Charles and Montgomery counties, the median sale price increased by 5 percent, while it fell by 7 percent in Frederick County.

The number of homes sold varied in the suburban Maryland region in February when compared to the same month last year, with Charles County experiencing a 22 percent increase. In Montgomery County, the number of homes sold rose by 3 percent, while it fell by 1 percent in Prince George’s County. Frederick County experienced a 5 percent decline in the number of homes sold in February.

Inventory declined throughout the suburban Maryland market in February, 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 23 percent.

Homes are selling at a steady pace throughout the region, with many selling in six to 10 weeks on average. Prince George’s County experienced the shortest days on market (DOM) average of 44 days, while in Montgomery County homes sold in about 48 days on average. In Frederick and Charles counties, the DOM average was 68 days and 69 days, respectively.

“The United States economy continued to make gains in many areas in February, and at Long & Foster we saw positive indicators of growth in the real estate industry as well, including in the suburban Maryland market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Sale prices of homes continued to rise for many in the Mid-Atlantic and Northeast regions and numerous locales also experienced increased numbers of homes sold. With continued high demand for homes, we expect to see a busy spring season.”

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.