October 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.
Median sale prices rose throughout the suburban Maryland real estate market in October. Prince George’s County experienced the largest increase at 11 percent, and Montgomery County saw an increase of 4 percent. Charles County experienced a 3 percent increase in median sale price, followed by Frederick County with a 1 percent increase.
The number of homes sold varied in the suburban Maryland region in October when compared to the same month last year, with Montgomery County experiencing a 5 percent increase. In Frederick County, the number of homes sold rose by 3 percent, while Prince George’s County experienced a 1 percent decrease. In Charles County, the number of homes sold fell by 7 percent.
Inventory declined throughout the suburban Maryland market in October, dropping by 33 percent in Prince George’s County and 25 percent in Montgomery County. Charles County experienced a 24 percent decline, and in Frederick County, active inventory fell by 21 percent.
Homes are continuing to sell at a steady pace throughout the region, with many selling in about two months or less on average. Prince George’s and Montgomery counties experienced the shortest days on market (DOM) average of 39 days and 41 days, respectively. In Charles County, homes sold in about 54 days on average, while the DOM average in Frederick County was 58 days.
“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the suburban Maryland region where we saw an increase in median sale prices,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”
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.