Great News for Prince George’s County Real Estate

21_PG10027419_0_1506619926

Sold for 405K in Cheverly

21_PG9969009_0_1506524398

Sold in Cheverly for 430K

Here is some great information from an article (Why this fall might be a good time to sell a home in Prince George’s and Loudoun Counties) in the Post that just came out today. It is what I’ve been hearing from DC real estate agents.

So far in 2017, the D.C. market has remained stable, especially among higher-priced homes. However, the true takeaway this year may be the strong increases within suburban communities just outside of Washington.

Here are a few indicators, based on data from RealEstate Business Intelligence, to keep in mind as we enter the final quarter of 2017:

Sales prices

Overall, median prices are up 4 percent across all types of homes (single-family, condominium and cooperative) in the Mid-Atlantic region. Most of this price appreciation is attributable to rising prices in the Maryland and Virginia suburbs.

Prices in the region are emerging in the suburban markets after years of stunted growth. So far in 2017, Prince George’s County is a true winner in price appreciation. Median sales prices in Prince George’s are up 10 percent this year to $275,000 with average sales prices up 9.6 percent at $283,500. This growth may certainly be related to affordability within the region as Prince George’s has typically experienced slower growth the past several years.

After continuous growth through the early and mid-2010s within the District, coupled with slow but sustained growth in suburban markets, the fall and 2018 will show a slight transition within the D.C. area real estate market.

Counties with substantially lower home prices will continue to appreciate at a faster pace, and supply will continue to increase in previously limited markets. Homes will continue to sit on the market for shorter times with more buyers entering the marketplace with historically low interest rates.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s