May brought an increase in the number of homes sold 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.
The number of homes sold increased in the suburban Maryland region in May when compared to the same month last year, with Prince George’s County experiencing the largest increase of 22 percent and Frederick County experiencing a 20 percent increase. Charles and Montgomery counties saw the number of homes sold rise by 10 percent and 9 percent respectively.
Median sale prices increased in most of the suburban Maryland real estate market in May, with Charles County experiencing a 4 percent increase. Both Montgomery and Prince George’s counties saw the median sale price rise by 2 percent, while it dropped by 3 percent in Frederick County.
Inventory declined in the suburban Maryland market in May, dropping by 33 percent in Prince George’s County, by 20 percent in Montgomery County and by 19 percent in Charles County. In Frederick County, active inventory fell by 17 percent.
Homes are continuing to sell at a solid pace throughout the region, with many selling in just under two months or less on average. Montgomery County experienced the shortest marketing period of 35 days on market (DOM), followed by Prince George’s County at 39 days on market. Frederick County had an average DOM of 52 days, and Charles County had a days on market average of 54 days.
“May was a good month for the real estate industry overall this year, as well as in the suburban Maryland region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the summer.”
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.