Home sale prices inched upward across the Suburban Maryland region in May, according to the Long & Foster Real Estate Market Minute Report. Prince George’s County had the largest incline with an 8% rise, followed by Frederick County with a 5% increase.  

Inventory declined throughout the region, with Charles County displaying the largest fall with a 54% decrease, while Prince George’s County had a 51% fall. The number of the homes sold also declined, with Prince George’s County experiencing a 39% drop, followed by Montgomery County with a 38% fall.  

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

“Though we had a bit of a hiatus in April and May, we expect there to be a strong boom in June and July,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. Though the COVID-19 (coronavirus) pandemic, caused the market to slow down a bit, things are starting to pick back up. 

Mortgage rates dipped below 3% for the first time ever, allowing for more home buyers to become qualified. These low rates coupled with the pent-up demand for housing indicates that the market is going to be revitalized in the coming weeks. Though inventory continues to be a challenge, many of the homes that were taken off-market at the start of the pandemic have been listed again.  

Home showings also increased to their highest level since February; another indicator that demand is high and people are actively searching for a new home. However, it’s never been a better time to be a seller. Foster cautions against sellers becoming complacent due to it being a seller’s market, saying that sellers still prep the home for home showings, such as decluttering, staging and cleaning. Home buyers also need to be prepared by getting pre-qualified. 

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.