January brought an increase in median sale prices to much of the suburban Maryland real estate market, according to The Long & Foster Market Minute reports. The Maryland suburbs 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.

 

Median sale prices rose in much of the Maryland suburbs, including by 15 percent in Frederick County. Prince George’s County experienced a jump of 10 percent, while Charles County saw a 4 percent increase. In Montgomery County, the median sale price dropped by 1 percent.

Charles County enjoyed the only increase in units sold, with a 13 percent jump reported in January. Montgomery and Prince George’s counties saw no change from the previous year, while Frederick County experienced a decline of 3 percent.

Inventory varied in the suburban Maryland market, dropping by 30 percent in Prince George’s County. Both Charles and Montgomery counties experienced no change in inventory compared to January 2014, and Frederick County saw an increase of 13 percent.

Homes are continuing to sell at a solid pace throughout the region. Prince George’s County experienced the shortest marketing period of 45 days on market (DOM), followed by Montgomery County at 63 DOM. Frederick County experienced a DOM average of 66 days, and Charles County had an average of 72 DOM.

“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in the suburban Maryland region, with areas seeing increases in median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market 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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