Inventory declined in October across the Maryland suburbs of Washington, D.C. in October, and prices in Frederick County rose 11 percent compared to a year ago. The Maryland beltway region Market Minute report includes Charles, Frederick, Montgomery and Prince George’s counties.

Buyers competed for homes in a market that saw inventory decline double digits compared to a year earlier in most areas of the region. The average number of days on the market ranged between 35 and 43 days. The median was up 8 percent in Prince George’s County, and homes were selling for almost the full list price.

“When you have a low-inventory, high-demand environment, you’re going to have price appreciation, which is what we’ve experienced in the D.C. region,” said Larry “Boomer” Foster, president of Long & Foster Real Estate.

A buyer in this market needs to enlist the help of a reputable agent who will be proactive in seeking out homes for sale in desired locations, Foster said. That could mean the agent is knocking on doors or writing letters to potential home sellers. Chances of helping a client secure a home also increase when the buyer has preliminary mortgage approval from a lender.

Foster cautioned that affordability could become more of a challenge for buyers in the coming year, when interest rates are expected to edge higher.

“If interest rates move up and prices continue to appreciate, as we believe they will, then the house you want today could be unaffordable for you in the future,” Foster said. “So if you want to get in, get in now. Don’t wait.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.

Information included in this report is based on data supplied by Metropolitan Regional Information System and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.