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Friday, September 30, 2016

In Montgomery and Prince George’s counties, a tale of two markets

Click on the image for Michele's report)
By Michele Lerner
Montgomery County and Prince George’s County both may be suburbs of Washington, but the two housing markets are very different by nearly every measure, including home prices, the pace of sales and the amount of new construction.
“Montgomery County and Prince George’s County are like mirror images of each other,” says Nela Richardson, chief economist for Redfin real estate brokerage in Washington.
Prices are significantly lower in Prince George’s, where the median home price from January to August 2016 was $250,000, up 8.7 percent from that same period in 2015, according to Rockville-based multiple-listing service MRIS. In Montgomery, the median sales price for that same period was $410,000, up 2.5 percent from 2015.