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Maryland Weathers Slump in Housing Market
Developments such as MetroPlace in Suitland house the growing Prince George's population. "You can still find one-bedroom condos for $150,000" in some of the county's neighborhoods, one real estate agent said.
(By Sarah Abruzzese For The Washington Post)
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In some parts of the District, especially east of the Anacostia River, prices continued to climb. "The market in Southeast appreciated a lot because of lower prices" to start with, Talpa said.
Prices for properties on the Metro's Green Line, as well as some "older, established neighborhoods such as Tenley and Kalorama stayed the same," she said. "The Convention Center area is still a good investment."
However, "hotter neighborhoods -- U Street, 16th Street Heights, Scott Circle -- went down" because of an overabundance of listings.
The market slowed most sharply last year in Northern Virginia, but its prices remain the highest in the region. Two of the 13 jurisdictions included in The Post's analysis registered median price drops in 2006 -- Arlington and Fairfax counties.
If you're looking for a bargain and don't mind commuting, look far beyond the Beltway, said Debbie Tritle, an agent with Weichert Realtors in McLean.
For instance, prices last year in Loudoun County were flat, and the supply of properties for sale was among the region's largest. As a result, Tritle said, sellers dropped their listing prices to lure buyers, and some people have been able to get relative bargains.
However, she cautioned strongly against taking on a lengthy commute without considering quality-of-life ramifications. She recommended that would-be home buyers look at a variety of properties in different locations to understand how much the prices vary based on factors such as the distance to the District and access to Metro.
For example, in eastern Fairfax County, the median price of $525,100 would buy a small three-bedroom, 2 1/2 -bath house on a third of an acre, according to recent listings. Less room closer in can cost more: One of Tritle's clients recently bought a three-bedroom, two-bath 1,400-square-foot condo, within walking distance of the Ballston Metro station, for $565,000.
