September brought an increase in home sales to many parts of 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.
The number of homes sold rose in many parts of the suburban Maryland region in September when compared to the same month last year, with Charles County experiencing a 13 percent jump. In Frederick County, the number of homes sold rose by 9 percent, followed by Prince George’s County with a 3 percent increase. Montgomery County experienced an 11 percent decrease.
Median sale prices varied in the suburban Maryland real estate market in September. Prince George’s County experienced the largest increase at 7 percent, and Charles County saw an increase of 4 percent. Montgomery County experienced a 1 percent drop in median sale price, followed by Frederick County with a 4 percent decrease.
Inventory declined throughout the suburban Maryland market in September, dropping by 32 percent in Prince George’s County and 22 percent in both Charles and Montgomery counties. Frederick County experienced a 20 percent decline in inventory in September.
Homes are continuing to sell at a steady pace throughout the region, with many selling in less than two months on average. Prince George’s and Montgomery counties experienced the shortest days on market (DOM) average of 34 days and 41 days, respectively. In Frederick County, homes sold in about 51 days, while the DOM average in Charles County was 60 days.
“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the suburban Maryland region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”
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.