The most recent RBI figures show robust gains in both sales prices and units sold on average in Washington Metro. Of the major territories in the region, the one with the most growth may surprise you. The median sales price in Prince George's County in Maryland is up a stunning 18.8% from May of 2012 to May, 2013. To give some perspective, the next closest sales market was Washington DC which posted a 8.9% increase. In other words Prince George's is lapping the field. What's the reason for the real estate trend and is it likely to continue into the 3rd quarter of the year?
At $202,000, the median sales price in Prince George's County is far lower than any of the other counties or cities in Washington Metro. To give an idea of the disparity, the average sales price in the most expensive territory, Falls Church City, is $623,000. That number is actually way down off its 2012 high of $875,000, a drop of 28.8% over a one year period. In other words, a classic role reversal is taking place. The least expensive market is spiking while the most expensive is dropping. This mirrors real estate trends throughout the Washington metropolitan area going into the 3rd quarter of 2013, although these are the most extreme examples in the region.
Compared to most other parts of Washington Metro, the real estate market in Prince George's County had a very slow recovery after the housing crash. In fact, prices didn't regain lost ground until 2012. Despite languishing home prices however, the region itself has much to offer. Major employers include Andrews Airforce Base, the Internal Revenue Service and the U.S. Census Bureau. The area is well served by transit for commuters with 15 Metro stops plus the new InterCounty Connector which links the I-95 Interstate with the I-370 in Montgomery County. There's lots of greenspace, a variety of home styles, major malls and National Harbor, an exciting new multi-use waterfront development on the Potomac River.
With sales prices and volume back on a fast track upward, Prince George's County has become one of the hottest real estate markets in the region while still offering great value. Way back in 2006, the average sales price for single-family and condo homes was $350,000. Now into the 3rd quarter of 2013, the market is primed for continued value growth and sales activity. The housing inventory is more plentiful than neighboring counties and while rapidly rising, prices will still be affordable for quite some time. Among the many popular neighborhoods are Bowie, Clinton, Temple Hills and Upper Marlboro. Also worth noting is the new mixed-use Arts District in Hyattsville.
Andre Perez | District One Properties LLC | Realtor/Agent/Owner
1305 Leslie Ave, Alkexandria, VA 22301