The real estate market in the Maryland suburbs of Washington, D.C., including Charles, Frederick, Montgomery and Prince George’s counties, is seeing median sale price increases in 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.
Much of the suburban Maryland region experienced year-over-year increases in median sale price in January. Median sale price increased the most in Prince George’s County, where it grew by 15 percent. Median sale prices increased by 5 percent in Charles County and 4 percent in Montgomery County. Frederick County saw median sale price decrease by 6 percent.
The number of homes sold decreased by 8 percent to 22 percent in most areas, though Montgomery County saw a 6 percent increase. Inventory continues to remain low throughout the region, with Prince George’s County seeing a significant 32 percent inventory drop. Charles County and Montgomery County experienced smaller declines in inventory at 4 percent and 1 percent, respectively. Frederick County saw inventory increase by 12 percent.
Homes are selling quickly throughout the suburban Maryland region, with marketing periods spanning an average of about six to eight weeks. Montgomery County saw an average days on market (DOM) of 48 days, while Prince George’s County saw a DOM of 50 days. Frederick County experienced an average DOM of 59 days and Charles County saw a DOM of 60 days.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing some encouraging trends along the East Coast, including in the suburban Maryland region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While the number of homes sold has dropped, there have been continued increases in median sale prices and low days on the market. With many people holding off on home searches in the cold weather, we anticipate a robust spring 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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