Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Prince George's County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $358,528 | $285,029 | $242,182 |
| Price Trend (Annual %) | 5.9% | 4.8% | 8.2% |
| Median Gross Rent | $1,761 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Prince George's County is about 26% higher than in Maryland. Rent is about 6% higher than the Maryland average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Prince George's County, up about 5.9% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Prince George's County rose about 36.0% between 2015 and 2023, from $1,294 to $1,761. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Prince George's County.
Buying the median-priced home in Prince George's County costs roughly 17.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Prince George's County. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Prince George's County | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $358,528 | $285,029 | $242,182 |
| Median Household Income | $100,780 | $101,971 | $78,145 |
| Price-to-Income Ratio | 3.6 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Prince George's County rose about 57.7%, while median household income rose about 41.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Prince George's County | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.3% | 62.0% | 58.2% |
| Rental Rate | 35.8% | 29.9% | 31.3% |
| Vacancy Rate | 4.9% | 8.1% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Prince George's County has a homeownership rate of 59.3%, lower than the Maryland average of 62.0%. Its housing vacancy rate is 4.9%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Prince George's County | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.72 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1975 | 1977 | 1978 |
| Median Number of Rooms | 6.1 | 6.2 | 5.5 |
The typical housing unit in Prince George's County was built around 1975. On average, 2.7 people live in a home with about 6.1 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Prince George's County, Maryland.
What is the median home price in Prince George's County, Maryland?
The median home price in Prince George's County, Maryland is $358,528, higher than the Maryland average of $285,029.
What is the average home price in Prince George's County, Maryland?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Prince George's County, Maryland?
The median gross rent in Prince George's County, Maryland is $1,761 per month, higher than the Maryland average of $1,661.
What was the median gross rent in Prince George's County in 2020?
In 2020, the median gross rent in Prince George's County, Maryland was $1,493 per month.
What is the price-to-rent ratio in Prince George's County, Maryland?
The price-to-rent ratio in Prince George's County, Maryland is about 17.0, meaning it would take roughly 17.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Prince George's County.
Are home prices or rent rising faster in Prince George's County, Maryland?
Both home prices and rent are rising in Prince George's County, up about 5.9% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Prince George's County, Maryland?
59.3% of households in Prince George's County, Maryland own their home, lower than the Maryland average of 62.0%.
What is the vacancy rate in Prince George's County, Maryland?
The housing vacancy rate in Prince George's County, Maryland is 4.9%, lower than the Maryland average of 8.1%.