Home Is Where The Market Is
Residential Market on Track for Prince George’s County
By Lauren Poteat
Dreams of home ownership have become a reality for a growing number of residents.
According to the Prince George’s County Association of Realtors (PGCAR), for the third quarter in a row, average and median prices for residential properties continue to grow.
With average prices up by more than 7.4 percent and median prices up by 6.3 percent since 2016, many PGCAR are considering this a huge positive for Prince George’s County residents.
“The overall picture for Prince George’s County in the third quarter is very positive,” said PGCAR President Cheryl Abrams Davis. “We are pleased that the pace of sales has picked up from both the previous quarter as well as the third quarter in 2016,” she added. Abrams Davis went on to note, “While we are concerned about months of inventory, the good news is that there has been an increase in active inventory of 4.5 percent as compared to 2016.”
In addition to prices, home sales have also improved with a surge of 6.2 percent in the third quarter of 2017.
PGCAR currently represents more than 3,000 real estate professionals in the national capital area, and is also an affiliate of the Maryland Realtors and National Association of Realtors which all work congruently to promote and protect home ownership and private property rights.