By Brianna McAdoo, AFRO Staff Writer, [email protected]
As affordable housing and gentrification continues to be a hot topic in the District of Columbia, the Real Estate market in Prince George’s County is thriving.
“Overall, homes are more valuable in Prince George’s County with strong increases in both median and average price per square foot,” said Prince George’s County Association of Realtors (PGCAR) President and realtor Veera Phillips. “Purchasing a home in Prince George’s has never been a more a solid investment. Combined with the ample supply of starter and move-up homes for buyers in every price point, we believe that Prince George’s County continues to offer one of the best buying opportunities in the D.C. metro region.”
October was a vibrant month for sales compared to sales rates during past Octobers, according to PGCAR. PGCAR members sold $251 million in homes which ultimately increased sales 7.9% from October to November.
As people are buying homes, prices are going up as well. One of the biggest takeaways from the report is that the median price for a home and the average price per square foot have increased since October 2017.
Buyers are flocking to Prince George’s County to secure what Phillips, PGCAR President, is saying “has never been a more solid investment.”
Realtor Althea Hearst, a top producing agent with Samson Properties, who is licensed in both Maryland and D.C., said housing sales went down a little in Prince George’s for her, but said the market is booming.
“I definitely did experience the sales growth in P.G. County as a realtor,” Hearst told the AFRO. I had a lot of clients looking to purchase in P.G. County. I closed on a lot of deals in P.G. County last year and this year. I’m actually on track to do about six million in sales, and the majority of those are in the P.G. County area (some are in Charles County.)”
Hearst, whose clientele is about 98 percent Black, also emphasized the importance of purchasing homes- not just in Prince George’s County- but to own a place in general.
“I feel that it’s important for Black people to buy property- period. I don’t care where you’re buying the house at,” Hearst said.
“If you want to pass it down to someone else, you can do that. If you want to move a family member in, you can do that, because it’s all on your terms. So I encourage Black people to purchase a home.”