Although there are certain expectations for each area of Maryland, it seems that the tables have turned for a few counties in terms of 2016 real estate success.
According to Rockville-based multiple-listing service MRIS, Montgomery has been traditionally the wealthier county, but Prince George’s has continued to show rapid growth thus far in 2016.
The rapid growth in Prince George’s is indicative of the greater affordability and residential development occurring in that area. Since the Federal Housing Administration offers 203k loans, many have been able to receive a down payment as low as 3.5% in some cases.
In Montgomery, the average sale price of homes rose 1.82% to $508,412 compared with 2015. In contrast, homes in Prince George’s rose 5.54% to $254,060 this year.
Sales prices still remain highest within the cities of Montgomery, and may be a contributing factor to their reduced real estate growth this year. The highest average sales price is $1,062,804.
However, the highest average sales price in Prince George’s is a mere $339,365. It’s no question that home buyers would prefer a lower price point and subsequently have caused a large bump in the real estate market.
However, both of these counties may be outdone by a new housing development just minutes away from the U.S. Naval Academy.
A new development titled Admirals Ridge is showcasing townhouses that closely resemble and rival single family homes. The spacious, two-car garage clad homes are available for sale and start in the mid- $400,000 range for buyers.
Some of the features people say they like most about the 24-foot-wide townhouses are the large center island in the kitchen, two-car garage, and the option for the three-level sunroom extension, according to Doug Shipe, Baltimore president for the developer, CalAtlantic Homes.
“People have the house built on how they prefer to live,” Shipe said.
When the development is completed, it will consist of a mere 40 houses on the plot of land.
The location, within easy reach of both Route 50 and Annapolis, is a bit draw for buyers. In addition to having easy access to both of the aforementioned outlets, buyers are interested in the privacy that the wooded area provides as well.
However, the limited number of slots available means the townhouses are selling fast, and buyers may have to look to different areas with booming real estate markets, such as Prince George’s.
While prices in the District continue to be higher than in surrounding areas, Prince George’s is highly likely to continue to see increases for the rest of 2016.