May 201718

Median Sale Prices Rose in the Suburban Maryland Market in April 2017

May 201718

Median Sale Prices Rose in the Suburban Maryland Market in April 2017

Market Minute Logo 2017April brought an increase in the median sale prices of homes 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.

SuburbanMD MM April2017

Median sale prices increased throughout the suburban Maryland real estate market in April. Frederick County experienced the largest increase at 12 percent, followed by Prince George’s County with an increase of 11 percent. In Montgomery County, the median sale price increased by 5 percent, and Charles County experienced an increase of 3 percent.

The number of homes sold declined in most parts of the suburban Maryland region in April when compared to the same month last year, though Charles County experienced an 11 percent increase. In Montgomery County, the number of homes sold fell by 2 percent, while it decreased by 3 percent in Frederick County and 11 percent in Prince George’s County.

Inventory declined in the suburban Maryland market in April, dropping by 33 percent in Charles County and 31 percent in Prince George’s County. Montgomery County experienced a 22 percent decline in active inventory, and in Frederick County it fell by 19 percent.

Homes sold at a steady pace throughout the region, with many selling in five to nine weeks on average. In Montgomery County, the days on market (DOM) average was 31 days, followed by Prince George’s County with a DOM average of 37 days. Homes sold in about 47 days on average in Frederick County and in Charles County, the DOM average was 58 days.

“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the suburban Maryland region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”

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.