In October, a few areas of the Maryland suburbs saw increased median sale prices while others saw a rise in the number of homes sold, according to The Long & Foster Market Minute reports. The real estate market in the Maryland suburbs of Washington, D.C., includes Charles, Frederick, Montgomery and Prince George’s counties.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
When compared to October 2013, Frederick County experienced a 14 percent jump in the number of homes sold last month, and Charles County saw a 13 percent improvement. Other areas of the suburban Maryland market, including Montgomery and Prince George’s counties, experienced decreases of 5 percent to 13 percent.
Some areas of the Maryland suburbs experienced year-over-year increases in median sale price in October when compared to the same month in 2013. Median sale price increased by 14 percent in Prince George’s County and by 2 percent in Montgomery County. Frederick County experienced no change, and Charles County saw a drop of 4 percent.
Inventory varied in the suburban Maryland market, dropping by 30 percent in Prince George’s County and 2 percent in Charles County. Frederick County saw a 12 percent increase, while Montgomery County experienced a 15 percent gain.
Homes are continuing to sell at a solid pace throughout the region. Prince George’s County experienced the shortest marketing period of 40 days on market (DOM), followed by Montgomery County at 46 days on market. Frederick County experienced a DOM average of 56 days, and Charles County had an average of 70 days.
“October brought modest improvements to the Mid-Atlantic real estate market, including in the suburban Maryland region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many areas we saw increases in the number of homes being sold, as well as some positive trends in median sale prices. These are welcome signs for real estate in the region, and with continued improvements being made in the economy, we expect a smooth end to 2014.”
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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