Housing prices continue to rise throughout the greater Washington area, but Prince George’s County and the Route 1 corridor remain affordable by comparison.
According to Multiple Listing Service data used by real estate agents, the median sales price in Arlington County, Va., has been $590,000, the region’s highest, while the median sales price in the metropolitan area overall has been $460,000.
In Prince George’s County, it has been just $315,000.
That’s leading a lot of potential homebuyers to take a look at the county and specifically the Route 1 corridor, finding historic bungalows and mid-century ranch homes in leafy neighborhoods with price tags much lower than what you would find in D.C. and in neighboring counties.
In turn, that’s driving prices to grow here faster than anywhere in suburban Maryland.
In fact, the median price in Prince George’s County is up $21,000 from a year ago, a seven percent increase.
Don Bunuan, a real estate agent with Go Brent who focuses on the Route 1 corridor, told the Hyattsville Wire that the housing price increase in Prince George’s County was a “market correction.”
“The reality is that sections of Prince George’s County have been the best-kept secret in the area for quite a while, but now that the secret is out, home prices are finally reflecting what the value of the area should have been all along,” he said.
He said the proximity to D.C., two Metro stops in Hyattsville and one in College Park, high walkability scores for the Arts District, lots of green space and a diverse population are all selling points for his clients.
“What often appears like a sudden spike in activity could represent what had been a depressed market for a number of years finally coming around,” he said.