Prince George's County, MD Market Report – 3/23/11

23 Mar
March 23, 2011

Prince George’s County is located north, east and south of Washington, D.C.

The north part of the county is anchored by the Capital Beltway and the Baltimore-Washington Parkway.  The major employers in this part of the county are The University of Maryland, Beltsville Agricultural Research Center and NASA-Goddard Space Flight Center.  The community of Greenbelt was one of the earliest planned communities to be built.  This north part of the county also has many areas of historic homes including University Park, Mt. Rainier, Berwyn Heights and Hyattsville.  There are several parks and lakes for family enjoyment.

The central part of the county includes Mitchellville, Bowie, Upper Marlboro, and more.  Bowie is best known as a planned Levittown and is currently the largest city in Prince George’s County.  Housing styles range from ultra-contemporary to century old homes in Bowie’s antique district.

The county also includes the rural tier, the inner beltway and the south county.  South County is one of the fastest growing areas and includes the newly developed National Harbor along the Anacostia River featuring riverside living, hotels, convention center, shops and restaurants and Nationals Park home to the Washington Nationals Baseball Team.  There are ferry rides that cross the river from National Harbor to Alexandria.

February 2011 Real Estate Market Statistics

Statistic Values YoY MoM
Total Sold Dollar Volume $99,823,034 -0.56% -0.48%
Closed Sales 550 +8.27% +1.48%
Median Sold Price $157,000 -15% -4.85%
Avg Sold Price $181,496 -8.15% -1.92%
Avg Days on Market 86 days -13.13% -5.49%
Avg Sold to Avg List Ratio 90.6% -0.94% +0.6%

Prices continue to fall in Prince Georges County.  The bottom experts say is in sight.  Keeping this in mind the time to buy is NOW.  With the number of Closed Sales up +1.48% over last month and also up +8.27% in comparison to this time last year.  I will not be surprised if there is a large increase in Average Sold Price next month.  Spring is here and so are the homebuyers.  Rates are still low and there are plenty of bargains to be had in Prince Georges County.

Market data and commentary provided by Kathy Fleskes, Managing Broker, Rockville Regional Office.

Search for homes in Prince Georges County, and all of the DC Metro: www.averyhess.com

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