Median Sale Prices Increase in Suburban Maryland in July 2016

August 22, 2016

Market Minute LogoJuly brought an increase in median sale prices to the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. The Maryland suburbs include Charles, Frederick, Montgomery and Prince George’s counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

SuburbanMDMM July2016 chart

Median sale prices increased in the suburban Maryland real estate market in July, with Prince George’s County experiencing a 14 percent jump. In Frederick County, the median sale price rose by 11 percent. Charles and Montgomery counties saw the median sale price rise by 3 percent and 2 percent, respectively.

The number of homes sold fell in most parts of the suburban Maryland region in July 2015 when compared to the same month last year, with Frederick County experiencing no change from the previous year. In both Montgomery and Prince George’s counties, the number of homes sold fell by 3 percent, while it declined by 23 percent in Charles County.

Inventory declined throughout the suburban Maryland market in July, dropping by 33 percent in Prince George’s County and 22 percent in Montgomery County. Charles County experienced a 20 percent decline in inventory, followed by Frederick County with a 19 percent decrease.

Homes are continuing to sell at a steady pace throughout the region, with many selling in less than two months on average. Prince George’s and Montgomery counties experienced the shortest days on market (DOM) average of 34 days and 38 days, respectively. In Frederick County, homes sold in about 48 days, while the DOM average in Charles County was 56 days.

“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly in real estate, home sales slowed in many areas, while median sale prices increased, including in the suburban Maryland region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”

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.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.