August brought an increase in home sales 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.

The number of homes sold rose in the suburban Maryland region in August when compared to the same month last year, with Frederick County experiencing a 23 percent jump. In Charles County, the number of homes sold rose by 20 percent, followed by Montgomery County with a 10 percent increase. Prince George’s County experienced an 8 percent increase.

Median sale prices increased in most of the suburban Maryland real estate market in August. Frederick County experienced the largest increase at 8 percent, and Prince George’s and Montgomery counties saw increases of 5 percent and 4 percent, respectively. Charles County was the only area to see no year-over-year change in median sale price.

Inventory declined throughout the suburban Maryland market in August, dropping by 33 percent in Prince George’s County and 24 percent in Charles County. Montgomery County experienced a 23 percent decline in inventory, followed by Frederick County with a 21 percent decrease.

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 39 days, respectively. In Frederick County, homes sold in about 51 days, while the DOM average in Charles County was 55 days.

“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the suburban Maryland region, where we saw an increase in home sales and median sale prices,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”

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.