May 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.
Median sale prices increased throughout the suburban Maryland real estate market in May. Prince George’s County experienced the largest increase at 8 percent, followed by Frederick County with an increase of 7 percent. In Montgomery County, the median sale price increased by 6 percent, and Charles County experienced an increase of 4 percent.
The number of homes sold declined in most parts of the suburban Maryland region in May when compared to the same month last year, though Charles County experienced a 13 percent increase. In Frederick County, the number of homes sold fell by 2 percent, while it decreased by 3 percent in Prince George’s County and 9 percent in Montgomery County.
Inventory declined in the suburban Maryland market in May, dropping by 33 percent in Prince George’s County and 32 percent in Charles County. Montgomery County experienced an 18 percent decline in active inventory, and in Frederick County it fell by 14 percent.
Homes sold at a steady pace throughout the region, with many selling in five to seven 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 32 days. Homes sold in about 35 days on average in Frederick County and in Charles County, the DOM average was 44 days.
“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including parts of the suburban Maryland region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer market.”
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.