Median Sale Prices Increase in Many Areas of Suburban Maryland in June 2014

July 16, 2014

Market Minute LogoThe 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 some 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.

MD Suburbs Market Minute June 2014

A number of areas in the Maryland suburbs experienced year-over-year increases in median sale price in June when compared to the same month in 2013. Median sale price increased by 14 percent in Prince George’s County, by 5 percent in Charles County and by 1 percent in Frederick County. Montgomery County saw a 3 percent decrease.

The number of homes sold in suburban Maryland increased by 15 percent in Charles County compared to June 2013. Other areas experienced decreases of 3 percent to 11 percent in the number of homes sold.

Inventory varied in the suburban Maryland market, with declines of 31 percent in Prince George’s County and 4 percent in Charles County. Montgomery County experienced a 15 percent increase, and Frederick County saw a 24 percent increase.

Homes are continuing to sell at a steady pace throughout the region. Montgomery County lead the way with the shortest marketing period of 33 days. Frederick County saw an average days on market (DOM) of 40 days, Prince George’s County experienced a DOM of 41 days, and Charles County had a DOM of 62 days.

“We’re now halfway through 2014, and this year has brought many positive developments like increasing sale prices and quick home sales,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Overall, the market is stabilizing and that will help keep the industry healthy and ready for future growth.”

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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