Prince George’s Co.’s housing market is red hot

WASHINGTON – Prince George’s County had been struggling along with the rest of the country during the foreclosure crisis, but now, the numbers tells a different story. Prince George’s County’s real estate market may actually be surging.

“If you look at all the homes for sale, 58 percent of them are under contract,” says Ron Sitrin, realtor for Long and Foster. “That’s doing better than D.C. and Montgomery County and that really surprised me.”

Across the region, the least expensive properties are the highest in demand.

“The lower the price, the faster it’s selling,” Sitrin says. “The whole entry level market is moving as fast as it can. And a big part of this is being driven by rents increasing.”

In addition to rental prices going up, historically low interest rates are turning renters into buyers.

WTOP’s John Aaron contributed to this report. Follow John and WTOP on Twitter.

(Copyright 2012 by WTOP. All Rights Reserved.)

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