The real estate market in the Maryland suburbs of Washington, D.C., including Charles, Frederick, Montgomery and Prince George’s counties, is seeing an increase in the number of homes sold in many areas, according to The Long & Foster Market Minute reports.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Many areas of the suburban Maryland real estate market saw improvements in the number of homes sold last month when compared to September 2013. Frederick County saw a 17 percent increase in the number of units sold, while Charles County experienced a 6 percent gain. Montgomery County experienced a smaller increase of 1 percent and Prince George’s County had the only decrease at 2 percent.
Some areas of the Maryland suburbs experienced year-over-year increases in median sale price in September when compared to the same month in 2013. Median sale price increased by 11 percent in Prince George’s County and by 4 percent in Montgomery County. Charles County experienced a 2 percent decrease, and Frederick County saw a drop of 7 percent.
Inventory varied in the suburban Maryland market, dropping by 28 percent in Prince George’s County and increasing in all other areas. Charles County saw a 3 percent increase, while Frederick and Montgomery counties experienced gains of 14 percent and 15 percent, respectively.
Homes are continuing to sell at a solid pace throughout the region. Montgomery and Prince George’s counties lead the way with the shortest marketing period of 43 days on market (DOM) each. Frederick County experienced a DOM average of 46 days, followed by Charles County at 71 days.
“September brought good news to many areas of the Mid-Atlantic real estate market, including in the suburban Maryland region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “More homes are being sold and median sale prices have risen in a number of areas as well. Growing inventory means homebuyers have more options to choose from, and we anticipate more improvements in the months ahead.”
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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