Virginia’s Alexandria and Arlington County get all the attention when it comes to rising home values in the D.C. region, but in Maryland, the Prince George’s County housing market is just as hot right now.
The Prince George’s County Association of Realtors reports records for sales price growth and closings.
“2019 will go on record as one of the best years ever for Prince George’s County’s real estate market,” said Yolanda Muckle, president of the Prince George’s County Association of Realtors.
The number of closed sales in the county in October was up 4.9% from a year ago, with a total of $290 million in sales.
Prince George’s County remains the most affordable housing market in the Washington region, but the median price of what sold last month was $315,000, up 12.5% from a year ago.
That’s an impressive year-over-year gain, but still only slightly more than half the nearly $600,000 median selling price in Alexandria, Virginia, in October. The median price of a sale in Arlington County in October was $580,000; in Montgomery County, Maryland, it was $439,400, according to monthly data from Long & Foster Real Estate.
For the sixth month in a row, Prince George’s County sellers received, on average, 100% of the original list price in October.
Prince George’s County’s housing market also shares the same problem of lack of active listings seen across the D.C. region.
As of the end of October, inventory was at an all-time low, with about 1,850 homes listed for sale, compared to the 2009 peak of 5,000 active listings.