Prince George’s County home prices are still the cheapest in the area but the prices are going up. This time last year, the average home cost was $168k and just last quarter that had increased to $174k. Now the median home price is $185k, an increase of 10.1% from last year and $11k from the last quarter. As the Central Avenue corridor, New Carrollton metro, Beltsville Brickyard Station, and Westphalia projects come to fruition, I’m sure the prices will continue to increase. And if, nay I say WHEN, the schools show marked improvement, the home prices will skyrocket. I put this hopeful projection out there so that we all will keep an eye on our communities and the county. Don’t let the network (bad) news skew your view of PGCo.
Washington Post, “For the entire metro area, the growth in median sale price was strong. It rose 7.7 percent to $400,000 last month from $371,000 in April 2012. Prince William, Montgomery and Prince George’s counties showed the biggest gains year over year. In Prince William County, the median sale price climbed 22.1 percent year over year, rising to $317,450 last month from $260,000 in April 2012. In Montgomery County, the median sale price grew 10.3 percent year over year, rising to $402,550 last month from $365,000 in April 2012. In Prince George’s County, the median sale price rose 10.1 percent year over year, rising to $185,000 last month from $168,000 in April 2012. Only Falls Church City showed a year over year decline in median sale price, falling 5 percent year over year to $589,000 last month from $620,000 in April 2012.”