Community Corner
Prince George's County Home Prices Up
How high can prices go in Riverdale Park, University Park and other Maryland DC suburbs?
Median home sale prices in Washington, DC, rose .4 percent from December, according to data from January 2013 cited in a recent Washington Business Journal article. The data, from website Zillow, shows a median sales price of $327,100, sixth in the nation.
The top five are:
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- San Jose, CA - $639,500
- San Francisco, CA - $538,000
- Los Angeles, CA - $421,800
- San Diego, CA - $381,900
- New York, NY - $346,100
Prince George’s County prices are up in a year-over-year increase of 2.8 percent, with a median sales price of $230,800.
Montgomery County, by comparison, would take the 5th place position from New York, with a median sales price of $379,500, a 4.9 percent year-over-year increase.
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The cheapest housing market? Detroit, MI, with a median sales price of just $82,600.
The International Business Times, citing data from Standard & Poor’s/Case-Shiller, reports that housing prices rose over 7 percent last year, yet are still below the figures from 2003.
The article pegs the increase to the easing of foreclosures and falling mortgage rates. The article also cites National Association of Realtors data that show a national median home price of $173,600, up 12.3 percent from last year.