Prince George’s and Prince William counties were two of the hardest-hit areas in the Washington region when the housing downturn struck. A wave of foreclosures caused home values to plummet there, and prices have been slow to rebound.
But after watching prices in the surrounding areas take off the past year, the two counties appear to be catching up.
Prince George’s showed the second-largest year-over-year increase in median sale price last month among all jurisdictions, according to data released Monday from RealEstate Business Intelligence, with Prince William just behind its Maryland neighbor.
The median sales price in Prince George’s has returned to levels not seen since the endof 2009.
Meanwhile, Prince William’s median sale price jumped more than 17 percent last month, to $324,900. The median sale price for the entire Washington metro region rose more than 10 percent, to $425,000, its highest level for July since 2005.
“Eighteen months ago, if you told me we’d be having this conversation, I would have said, ‘Put down whatever you are drinking,’ ” said John Lesniewski, president of the Prince George’s County Association of Realtors and broker-owner of ReMax United Real Estate in Upper Marlboro. “It’s really happened really rapidly.”
Lesniewski said pent-up demand is contributing to the rise in prices. And because prices fell so low in Prince George’s, they have farther to rebound, unlike areas that weren’t hit as hard.
Prince William showed the largest growth in median sales price this year among all jurisdictions in the region; Prince George’s was a close second.
“We’re the closest to D.C. where you can actually find some affordable housing,” said Beverly Frowen, president of the Prince William Association of Realtors. “We have a lot of people who look here because we are cheaper.”
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source: Kathy Orton, Washington, August 12, 2013