Home sale prices climbed upward throughout the Suburban Maryland region in November, according to the latest Long & Foster Real Estate Market Minute Report. Charles County had the biggest increase with a 12% rise, followed by Prince George’s County with a 9% ascent.  

The number of homes sold declined all over the region with Prince George’s County displaying the largest fall with an 18% decrease. The inventory of homes also continued its downward trend, with Prince George’s County showing a dip of 45%. The rest of the region had decreases ranging from 31% in Montgomery County to 25% in Frederick County.  

The Long & Foster Real Estate Market Minute report for the suburban Maryland region includes Charles, Frederick, Montgomery and Prince George’s counties. 

“While inventory continued to shrink in the Suburban Maryland region, the median sale prices are only appreciating at low– to mid–single digits, which is healthy,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. This indicates that there’s no fear of a housing bubble since prices are not inflating dramatically, despite drastically low inventory. 

Foster pointed out that the spring market is approaching and for those who are looking to list their home, now is the time to start preparing for it. “It’s not too early to start planning because people are going to have to do some work on their house to get it ready for market,” Foster mentioned. Despite most people’s notions, the spring market starts in January before ramping up in February and March. For sellers looking to list their home, the first thing they need to do is consult a Long & Foster agent for advice on what to renovate and how to stage.  

For those whose home did not sell in the winter, Foster recommends consulting an agent to get an idea of whether or not the home was prepared to be shown to a professional. During the fall market, there are typically less buyers, but they’re usually more serious. If it did not sell, it’s because it probably it wasn’t staged properly or it was not marketed to the biggest pool of potential prospects. Exposing your home to more prospects will drive more demand to your home and, in turn, drive up the price of the house. So if it did not sell, make sure to talk to a true real estate professional. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.