Home prices were still rising in November in D.C.’s Maryland suburbs, but home sales continued to fall, largely because of lower inventory led by an 18% drop in closed sales in Prince George’s County.
The median price of what sold in Prince George’s County was $314,900 last month, up 9% from November 2018.
In Montgomery County, sales were down 1% from a year ago, but the median price of what sold was up 3% to $465,000.
“While inventory continued to shrink in the suburban Maryland region, the median sale prices are only appreciating in low to mid-single digits, which is healthy,” said Larry Foster, president of Long & Foster Real Estate.
“This indicates that there is no fear of a housing bubble since prices are not inflating dramatically, despite drastically lower inventory.”
Further out, price gains in November were led by Charles County, up 12% from a year ago to a median selling price of $339,122, with sales down 17%.
In Frederick County, sales in November were 10% lower than a year ago, but the median price of what sold was up 8% to $322,165.
No suburban Maryland county saw a propensity of sales closing for more than list price, though average sales were just shy of 100% of list.
Below is a snapshot of housing sales activity in the Maryland suburbs in November, courtesy of Long & Foster Real Estate Inc.
