Prince George's County Maryland Homes and Condos for Sale
Real estate prices are on the rise in Prince George’s County, but it’s still one of the best places in Washington Metro to find competitively priced luxury homes for sale. With nearly a million residents, it’s the second-most populated county in Maryland, and well-located along the eastern border of Washington, DC and extending far north and south as well. With a land mass of approximately 500 square miles, this expansive territory includes urban, suburban, and rural country settings.
The real estate market in Prince George’s took a major hit back in the mid-2000s. It was a time when a rapid growth in new luxury home construction collided with the national housing and financial crisis. Like many other parts of the country, the sheer number of new homes and condos for sale outpaced the demand from buyers. In the years since, the market in Prince George’s has rebounded. However, it remains one of the best values in the Washington/Virginia/Maryland area, with prices climbing at more gradual and sustainable rate, compared to DC itself and its closest neighbors, such as Arlington County, Fairfax County, and Montgomery County.
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Luxury Homes and Affordability
Imagine buying a mansion in the Washington Metro area for the same amount that you might spend on a two-bedroom bungalow in Los Angeles. It’s not actually farfetched or a pie-in-the-sky pipedream when you consider that the average price for a home in Prince George’s County in 2022 is $410,000 compared to the average cost of $795,000 in Los Angeles County. If that seems like an unlikely apples-to-orange scenario, then look much closer to home. The average home prices in Montgomery County, Maryland, Fairfax County, VA, and Washington, DC are $600,000, $687,000, and $714,449 respectively. These property values are all subject to change over time, but one thing is certain: Prince George’s is substantially more affordable than its next-door neighbors in the Washington Metro region.
Next, let’s look at what kind of house your money will buy in Prince George’s. How do homes compare with neighboring territories in terms of luxury living? When looking at properties for sale in the high-six to low-seven range, it becomes obvious that there is a very large inventory of listings of impressive custom homes, many of which have been built within the last decade. There are gracious historic properties as well, some of which include very generous acreage. Ultimately, it’s hard to ignore the obvious. From starter homes to high-end estates, you’ll get a lot more bang for your buck in Prince George’s County.
Popular places to live in the country include Upper Marlboro, Brandywine, Adelphi, Hyattsville, Bowie, Laurel, Accokeek, and Fort Washington. When it comes to upscale condos and townhouses, National Harbor stands out. The recently redeveloped waterfront community on the Potomac River is part of the larger Oxon Hill area and sits across the river from Alexandria. Among the local features are the new MGM National Harbor (with hotel, entertainment, dining and casino), the Gaylord National Resort & Convention Center, a giant ferris wheel overlooking the water, high-end mall shopping, boating, top restaurants, and much more.
To learn more about Prince George’s County and competitively priced luxury homes for sale, contact Andre Perez at District Partners at Compass, 202-798-3600.
