The real estate market in the Maryland suburbs of Washington, D.C., including Charles, Frederick, Montgomery and Prince George’s counties, is seeing an increase in the median sale price throughout much of the region, according to The Long & Foster Market Minute® reports.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Many areas of the Maryland suburbs experienced year-over-year increases in median sale price in February. Median sale price increased the most in Prince George’s County at 25 percent. Median sale prices increased by 7 percent in Montgomery County and 5 percent in Charles County. Frederick County saw median sale price decrease by 2 percent.
The number of homes sold increased by 1 percent in Frederick County, but decreased from 6 percent to 32 percent in Charles, Montgomery and Prince George’s counties. Inventory continues to remain low in most areas. Inventory decreased by 33 percent in Prince George’s County and 7 percent in Charles County. Inventory increased by 2 percent in Montgomery County and by 8 percent in Frederick County.
Homes are selling quickly throughout the suburban Maryland region, with marketing periods spanning an average of about six to nine weeks. Prince George’s County saw an average days on market (DOM) of 43 days, while Montgomery County saw a DOM of 49 days. Frederick County experienced an average DOM of 62 days and Charles County saw a DOM of 64 days.
“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the suburban Maryland region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and speedy home sales, and going into spring, we anticipate a stronger and more vibrant market.”
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.
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