Prince George's County MD Real Estate Market Shows Signs of Slight Improvement
Prince George’s County Maryland Real Estate and Homes for Sale, the County’s market has seen a slight uptick with closed homes sales compared to 2015; the increased closed home sales seen gains of 2%. The past two year increases signal a recovering Prince George’s County and although it isn’t post housing crisis value, the market is still significantly better than the -18% decrease back in 2014 or the bottoming out in 2011-2012. The median home price to date is $234,900 this is a great thing for homeowners who are currently considering selling their homes.
The median Days on Market is 34, up 13% compared to 2015 which was 30 days. Homes for sale Days on Market in Glenn Dale, Cheltenham and Fort Washington all have improved with a drop of 30-60% days on, they are catching up with the rest of the county. If trends continue with the past couple of years, the days on market may drop but then continue to rise. The reasoning behind this may be an influx of homes entering the spring market and buyers having more options than before.
On a positive note the Months of Supply (inventory of homes) is approximately 2.3 months, this means that if no home was listed beginning today, all homes would be sold within 2 months. That is great news for homeowners looking to sell their home. We have returned to a seller’s market in Prince George’s County.
Foreclosures and Short Sales still plague the area, the amount of bank mediated properties has risen once again and the amount of distressed homes compared to standard resales play an important part in the overall recovery of Prince George's housing market.
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Prince George’s County expects to see increasing gains within the housing market as legislatures continue using every resource available to bring sustainable jobs to the local area. Jobs including the MGM Casino, the new teaching hospital in Largo and two metro-rail lines, one which would connect neighboring Montgomery County to Prince George’s. The state of the FBI Headquarters still is in limbo the remaining three choices are Landover, Greenbelt and Virginia with Maryland and Prince George’s legislators feeling optimistic that it will be relocated right here in Prince Georges. These projects will significantly increase demand for homes and assist with home prices. On another note the absorbingly high prices of Washington, DC is causing more families to move south of the beltway and enter into Prince George’s County.
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