Despite many areas seeing monthly declines in the housing market, Prince George’s County actually saw mostly improvements. The total number of homes sold in July 2013 was 748, a 5% increase from July of 2012 and a 7% increase from June. The total value of the homes sold was $167,454,502, a 23.5% increase from the previous year and a 9.5% increase from June.
The median value of a home sold in July was $206,750, up 19.5% from the year prior and .9% from the previous month. The average price of the sold homes was slightly higher at $223,870, which was about a 17% increase from 2012 and a 3% increase from June. When a house was sold on the open market, the seller received around 98.3% of their original asking price. This means that when a house was listed for $200,000, the seller would receive somewhere near $196,000.
By the end of the month, there were 1,661 active listings on the market. This is a massive 24% decrease from July of 2012. Of those listings, 1,020 of them were new, marking a 9.2% decrease from the previous year. Given that there were 701 homes sold in June in Prince George’s County, the 1,661 active listings makes up over a 2 month supply of homes, meaning that the real estate market is extremely healthy and sustainable. When a home was listed on the open market, it took about 54 days to be sold, a 36.5% decrease from the 85 days for July 2012. While listing times are dropping, 54 days is still a long time to wait. Express Homebuyers will buy your house in just 7 days, regardless of its condition. If you have a home in VA, MD, or DC that you want to sell fast, then give us a call today at 877-804-5252!
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