Here’s what’s going on in the Prince George's County housing market.
The state of our market is one of the most common things I’m asked about these days. More specifically, people want to know whether it’s a good time to buy or sell homes. To give you a better idea of what’s going on, today I’ll be sharing a real estate market update for the Prince George’s County area.
In May of this year, average sale prices were around $398,000; in May 2020, these prices were around $342,000. This means average sale prices have gone up by 16% since last year. Homes are also spending fewer days on the market before they sell. Last year, homes spent an average of 26 days on the market; now, they’re on the market for an average of 13 days.
The number of homes sold has also increased. Last year, May saw 703 home sales; this year, 1,008 homes sold in May. That’s an astonishing 43% increase, and it illustrates how strong our market is. The numbers show that our housing market is incredibly active right now, which makes it a perfect time for buyers and sellers to jump in and accomplish their real estate goals.
If you’ve been thinking about buying or selling a home, or if you have any questions about the market, feel free to reach out to me. I look forward to hearing from you soon.