Home Prices Rebounding in Prince George’s

By
Real Estate Agent with Bennett Realty Solutions

 

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 sale price for Prince George’s last month was $206,750, up from $173,000 in July 2012, a nearly 20 percent increase. Only Falls Church had a larger percentage increase in median sale price (23.5 percent), but that growth was based on just 21 sales in July 2013 and 20 sales in July 2012.

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.”

Pattie Zanders is a realtor with Exit Bennett Realty in Greenbelt, MD, one of the fastest growing brokerage in Prince George's County Maryland. Her expertise is in 1st time homebuyers programs and short sales. She is the local expert for Capitol Heights MD Homes for Sale, Clinton MD Homes for Sale, District Height MD Homes for Sale, Fort Washington MD Homes for Sale, Suitland MD Homes for Sale, Temple Hills MD Homes for Sale, and Upper Marlboro MD Homes for Sale and other metropolitan Washington, DC areas. For a realtor who focuses on customer service and getting results, call today at (301) 919-8858.

source: Kathy Orton, Washington, August 12, 2013

Comments (1)

Michele Cadogan 917-861-9166
Fillmore Real Estate 2990 Av U, Bklyn , NY 11229 - Brooklyn, NY
Licensed Real Estate Associate Broker -

Glad to hear thet prices in hte Prince George s Md area are on the upswing-  hoping that buyers sitting on the fence will decide to purchase a home before they are priced out and the rates starte to do up aswell.

Aug 16, 2013 11:46 AM