December brought an increase in median sale prices to much of the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. Inventory declined in some parts of the Maryland suburbs, which includes Charles, Frederick, Montgomery and Prince George’s counties, and homes continue to move off the market in just a couple months. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices rose in much of the Maryland suburbs, including by 9 percent in Prince George’s County. Frederick County experienced a jump of 7 percent, while Montgomery County saw a 1 percent increase. In Charles County, the median sale price dropped by 7 percent.
Montgomery County enjoyed the only increase in units sold, with a 12 percent jump reported in December. Frederick and Prince George’s counties saw no change from the previous year, while Charles County experienced a decline of 7 percent.
Inventory varied in the suburban Maryland market, dropping by 32 percent in Prince George’s County and 2 percent in Charles County. Montgomery County experienced a 5 percent gain, while Frederick County saw a 16 percent increase.
Homes are continuing to sell at a solid pace throughout the region. Prince George’s County experienced the shortest marketing period of 43 days on market (DOM), followed by Montgomery County at 54 DOM. Charles County experienced a DOM average of 67 days, and Frederick County had an average of 69 DOM.
“December brought modest improvements to the Mid-Atlantic and Northeast real estate market, including in the Maryland suburbs, with many areas enjoying rising numbers of homes sold and growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These developments are positive for the real estate market and leave us positioned for growth in 2015.”
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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