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 in many areas, 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.
A number of areas in the Maryland suburbs experienced year-over-year increases in median sale price in August when compared to the same month in 2013. Median sale price increased by 12 percent in Prince George’s County and by 9 percent in Frederick County. Charles County experienced a 1 percent improvement, while Montgomery County saw a decline of 1 percent.
The number of homes sold in suburban Maryland increased by 9 percent in Frederick County compared to August 2013. Other areas experienced decreases of 7 percent to 10 percent in the number of homes sold.
Inventory varied in the suburban Maryland market, dropping by 33 percent in Prince George’s County and 2 percent in Charles County. Montgomery and Frederick counties experienced increases of 16 percent and 21 percent, respectively.
Homes are continuing to sell at a solid pace throughout the region. Montgomery County lead the way with the shortest marketing period of 39 days. Prince George’s County experienced a DOM average of 40 days, followed by Frederick County at 52 days. Charles County’s average DOM was 69 days.
“In many areas across the Mid-Atlantic and Northeast, we’re seeing increased inventory, which means more options for those looking to purchase a home,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Median sale prices have also remained strong, and we’re seeing homes moving off the market at a fairly steady pace. Overall, the real estate market is in a healthy place for continued improvement.”
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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