Prince George's County, MD Housing Market: November 2023 vs. 2024 Trends

Prince George's County, MD Housing Market: November 2023 vs. 2024 Trends

1. Median List Price:

• November 2023: $430,000
• November 2024: $450,000
• Difference: Increased by $20,000 (+4.7%).
• Analysis: A moderate increase in list prices reflects rising seller confidence and steady appreciation in the market.

2. Median Sold Price:

• November 2023: $420,000
• November 2024: $436,000
• Difference: Increased by $16,000 (+3.8%).
• Analysis: Sold prices rose alongside list prices, indicating consistent buyer demand supporting these higher valuations.

3. Days on Market (DOM):

• November 2023: 26 days
• November 2024: 25 days
• Difference: Decreased by 1 day (-3.8%).
• Analysis: Homes sold slightly faster in 2024, suggesting continued strong buyer interest.

4. Number of Homes That Went Pending vs. Sold:

• Pending Homes:
  • November 2023: 499
  • November 2024: 520
  • Difference: Increased by 21 homes (+4.2%).
• Sold Homes:
  • November 2023: 654
  • November 2024: 604
  • Difference: Decreased by 50 homes (-7.6%).
• Analysis: Pending transactions increased, but the decline in sold transactions could reflect longer closing times or some deals failing to complete.

Summary:

The Prince George’s County housing market in November 2024 showed rising median list and sold prices compared to November 2023, reflecting a steadily appreciating market. Homes sold slightly faster, and pending transactions rose, showing strong buyer demand. However, the decline in completed sales suggests a potential bottleneck in closing processes. Sellers benefited from higher sale values, while buyers faced moderately increased costs in a still-active market.

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Data/Stats courtesy of Bright MLS