The real estate market in Prince George’s County, Maryland, has been one of the most dynamic in the state, and August 2024 is no exception. With its proximity to Washington, D.C., its growing infrastructure, and diverse communities, the county has seen both opportunities and challenges for buyers, sellers, and investors. In this post, I'll dive into the market’s key trends, pricing, and what the future might hold for the real estate landscape in the area.

Market Overview

As of September 2024, the Prince George’s County real estate market remains competitive, especially in certain pockets of the region that have become highly desirable due to their location and amenities. This competitiveness is being driven by both strong demand and relatively low inventory. However, there has been a slight cooling from the frenzied market conditions seen in recent years due to rising interest rates, a cautious buyer sentiment, and a leveling of prices.

Price Trends

The median home price in Prince George’s County, MD has remained relatively stable, hovering around $425,000 to $450,000. This reflects a slight dip from the highs seen in 2023 when the county saw unprecedented price increases of up to 10% year-over-year. The slowdown in price growth can be attributed to higher mortgage rates, which have tempered the aggressive bidding wars and cash offers that dominated the market post-pandemic.

Despite the slowing price acceleration, housing prices in Prince George’s County, MD are still higher than pre-pandemic levels, thanks to its proximity to Washington, D.C., the expansion of infrastructure projects like the Purple Line, and the growing appeal of suburban living for both young professionals and families seeking more space and amenities outside the capital.

Inventory and Days on Market

The inventory of available homes in Prince George’s County has increased slightly since the beginning of 2024, providing some relief for buyers. However, inventory levels remain lower than pre-2020 averages. On average, homes are staying on the market for about 25 to 35 days, which is a modest increase compared to 2022 when homes often sold within a week of being listed.

The slight increase in days on the market suggests a cooling of the ultra-competitive environment, giving buyers more options and a little more time to make decisions. Still, for well-maintained homes in desirable neighborhoods, especially those close to the Metro and major commuting routes, the competition can still be fierce.

Interest Rates and Affordability

The biggest factor affecting the Prince George’s County housing market in 2024 has been the rise in interest rates. With rates hovering between 6.5% and 7.5%, many potential buyers are facing higher monthly payments, reducing overall affordability. For first-time homebuyers, this has created challenges, with some opting to wait or adjust their price range to accommodate these higher borrowing costs.

On the other hand, the increase in interest rates has not deterred all buyers. Those with strong financial profiles or who are making substantial down payments are still active in the market. Additionally, Prince George’s County remains one of the more affordable options in the D.C. metro area compared to Montgomery County, Northern Virginia, and parts of Washington, D.C. itself.

Rental Market

The rental market in Prince George’s County has also been robust, with rents continuing to rise steadily. The average rent for a two-bedroom apartment is now between $1,900 and $2,200, depending on the location. Areas near the Metro, such as Hyattsville, Greenbelt, and Largo, have seen the highest rent increases, driven by demand from those who cannot or choose not to buy in the current market conditions.

New multi-family developments have been popping up throughout the county, particularly in transit-oriented areas, which has helped to meet some of the rental demand. However, the demand for affordable rentals continues to outpace supply, leaving some renters priced out of certain areas.

New Developments and Infrastructure

The development of the Purple Line, which is expected to connect key areas of Prince George’s County with Montgomery County and the Metro system, continues to be a major factor influencing real estate. While the construction of the Purple Line has experienced delays, the promise of improved transit options has driven interest in neighborhoods along its future path, including College Park, Riverdale, and Langley Park.

Moreover, Prince George’s County has continued to focus on revitalizing its urban core areas, such as Largo and New Carrollton, with mixed-use developments that offer a blend of residential, commercial, and retail space. These projects are designed to attract both young professionals and families who seek modern amenities with easy access to transportation, shopping, and dining.

Outlook for the Remainder of 2024

Looking ahead to the remainder of 2024, the real estate market in Prince George’s County is expected to remain stable, albeit with some ongoing challenges. The combination of higher interest rates, slower price appreciation, and slight increases in inventory should keep the market from overheating but also maintain a relatively balanced environment.

For buyers, this means there could be opportunities to purchase without the intense competition of previous years, although higher borrowing costs will need to be factored in. For sellers, especially those in desirable areas, homes that are priced appropriately and well-maintained are still likely to sell quickly.

Investors may continue to find good opportunities in the rental market, particularly with ongoing development and infrastructure projects that are likely to drive long-term appreciation in select areas.

Conclusion

Prince George’s County remains one of the most attractive real estate markets in Maryland, with its affordability relative to neighboring counties and proximity to Washington, D.C. While the market has cooled somewhat from its peak frenzy, it is still characterized by strong demand and opportunities for buyers, sellers, and investors alike. As we move through the rest of 2024, paying attention to interest rate trends, inventory levels, and ongoing development projects will be key for anyone looking to navigate the market in this vibrant county.

In the heart of Prince George's County Maryland, where the charm of suburban living meets the convenience of city life, a remarkable success story has unfolded. It's a story that showcases the expertise and dedication of a seasoned Realtor, Angelo Rhodes (#gowithangelo), someone who understands the unique appeal of Bowie, MD, and has the skills to turn real estate dreams into reality.

Unveiling the Gem: 3 Bedrooms, 2 Baths, and More

Nestled in the vibrant Pointer Ridge community of Bowie, Maryland, is a home that captivated both the me and the lucky new homeowners. This stunning one-level Ranch style home boasts three spacious bedrooms and two full baths, offering a perfect blend of comfort and functionality for modern living.

But what truly sets this home apart is its outdoor oasis—a generously sized backyard where endless possibilities await. Whether it's hosting summer barbecues, creating a serene garden retreat, or just letting your pets roam free, this backyard is a canvas for your imagination.

The Heart of the Home: A Wood-Burning Fireplace

As you step inside, you'll immediately notice the cozy and inviting atmosphere that embraces you. The centerpiece of the living area is a majestic wood-burning fireplace. It's not just a source of warmth; it's a symbol of timeless charm and a place where countless memories will be made.

Imagine curling up with a book by the fire on a chilly winter's night or gathering around it with loved ones for intimate conversations. This fireplace adds character and comfort to the home—a unique feature that's hard to find in today's market.

A Realtor's Touch: Expertise, Dedication, and Care

Behind this success story is Realtor Angelo Rhodes, who understands the Bowie, MD, real estate market like the back of his hand. His dedication to his clients is unparalleled, and he leaves no stone unturned in helping buyers and sellers achieve their goals.

From setting the perfect listing price to showcasing the home's unique features, this Realtor Angelo Rhodes (#gowithangelo) ensured that the property received the attention it deserved. His marketing strategies, negotiation skills, and in-depth knowledge of the local area all played a crucial role in making this sale a reality.

Your Dream Home Awaits

If you've been searching for a place to call home in Bowie, Maryland, this property sold for $517K and is more than just a house; it's a haven of comfort and a canvas for your dreams. With three bedrooms, two full baths, a spacious backyard, and a wood-burning fireplace, it offers the perfect combination of modern amenities and classic charm.

As you embark on your homebuying journey or consider selling your current property in Bowie, remember that the right Realtor can make all the difference. Look for someone who shares your vision and has the expertise to turn it into a reality, just like Angelo Rhodes behind this success story.

Bowie, MD, is a place where dreams come true, and Angelo’s success story is a testament to that. If you're ready to find your dream home or make a successful sale in this beautiful community, reach out to Angelo at 240-535-1855 who understands Bowie's unique charm and has a track record of excellence. Your real estate journey in Bowie, MD, is about to become an unforgettable chapter in your life.

Here's a video of this home in Bowie, MD with drone footage.

I was born in 1964 which is the last year of the baby boomer generation. Are you a baby boomer contemplating a move? You're not alone. As a generation born between 1946 and 1964, you've witnessed the ebbs and flows of the housing market for decades. Perhaps you're considering downsizing after the kids have flown the nest, or maybe you're eyeing a new investment property to diversify your portfolio. Whatever the reason, the real estate landscape has changed dramatically over the years, and it's essential to stay updated to make informed decisions.

The Current Housing Climate in Maryland
As we march further into 2023, a few trends dominate the housing market in Maryland. Baby Boomers make up around 39% of homerbuyers. High interest rates continue to have a significant impact on the real estate market, affecting both buyers and sellers in various ways. As of this writing, the average interest rate in Maryland is 7.75%. Understanding these effects is crucial for making informed decisions whether you're looking to buy a home, sell one, or invest in property.

Why Now Could Be the Right Time to Buy a Home
Buying a home when interest rates are high might seem counterintuitive at first glance. After all, higher rates mean more money spent over the lifetime of a mortgage. However, there are some potential benefits and strategic advantages to making a real estate purchase under such conditions. Here are some to consider:

Reduced Competition
When interest rates are high, fewer people are looking to buy homes. This reduced competition can make it easier for you to negotiate a better price with sellers, who may be more motivated to close a deal. Less competition could also mean fewer bidding wars, which can drive up the price of a home substantially in a hot market.

Better Inventory
With fewer people in the market for a new home, you're likely to have a narrow, but better selection of properties to choose from. This can be particularly useful if you have specific needs or desires, such as a particular layout, location, or set of amenities.

Potential for Future Refinancing
Buying when rates are high offers the opportunity for significant savings down the line should rates drop. Refinancing at a lower rate in the future could reduce your monthly payments and the total interest paid over the life of the loan.

Market Timing
In some cases, high interest rates can coincide with other market factors that could make it a good time to buy, such as lower home prices or a buyer's market. If you can negotiate a good purchase price, the impact of higher interest rates may be partially or fully offset.

Investment Perspective
If you view your home as a long-term investment, buying at a time when interest rates are high, but property values are depressed might make sense. Real estate often appreciates over time, and you might find that the long-term gain outweighs the short-term cost of higher interest payments.

Tax Deductions
The interest paid on a home mortgage is generally tax-deductible in the U.S., which can offset some of the financial burden of higher interest rates. While tax laws are subject to change, this has been a staple in the American tax code for a while.

Locking in a Fixed Rate
If you're concerned that interest rates will continue to rise, purchasing a home now with a fixed-rate mortgage can provide stability. Your rate will remain constant, even if rates go up in the future.

Improved Negotiating Power
Sellers aware of the high interest rates may be more willing to make concessions, like covering closing costs or making improvements to the property, to secure a sale. This can give you more leverage during negotiations.

Why Now Could Be the Right Time to Sell
Selling a home when interest rates are high may not be the conventional wisdom, but there are specific advantages that could make this an opportune time for you, especially as a baby boomer who who might be eyeing retirement in the near future. Here are some benefits to consider:

Lower Inventory, Higher Demand
In a high-interest-rate environment, the number of people putting their homes on the market often decreases, leading to lower inventory. While there might be fewer buyers due to the higher costs of borrowing, those who are in the market are often very motivated. This can result in a more straightforward, quicker sale process, which could be a plus if you're looking to downsize or move to kickstart your retirement plans.

Strong Negotiating Position
With fewer homes on the market, sellers can often command higher prices and better terms. You might find that buyers are more willing to meet your conditions, whether that's a faster closing date, no contingency clauses, or even higher earnest money deposits.

Capitalize on Home Equity
If you've lived in your home for many years, chances are you've built up significant equity. Selling now could allow you to cash in on that equity, providing you with a substantial down payment for a smaller, more manageable home, or even to invest in income-generating opportunities. This could be particularly valuable as you approach retirement.

Opportunity to Downsize
High interest rates might make larger, more expensive homes less appealing to buyers, but smaller, more affordable properties may still be in high demand. If you're looking to downsize, you could benefit from selling your current home at a relatively high price and purchasing a smaller one where the cost impact of higher interest rates may be less significant.

Tax Benefits
As a baby boomer, you may be eligible for certain tax exemptions when selling your home, particularly if you've lived in it for a number of years. The tax-free capital gain (up to $250,000 for single filers and $500,000 for married couples filing jointly could be a significant financial boon at a time when you're looking toward retirement.

Liquidity and Financial Flexibility
By selling your home in a high-interest-rate environment, you may benefit from increased liquidity (cash on hand), allowing you more financial freedom. This can be especially useful if you're nearing retirement and want to diversify your investments or allocate funds toward travel, healthcare, or other expenses.

Timing for Your Next Phase
Now might be an appropriate time to reassess your living situation. Selling now could provide you with the resources and time to plan your next phase, be it relocation, investment in other assets, or a transition into a different lifestyle you can enjoy.
While high interest rates generally indicate a slower housing market, individual circumstances can make selling a home during such times advantageous. Nevertheless, consulting with me can help you evaluate whether selling your home in a high-interest-rate environment aligns with your short-term and long-term goals.

Over the past year, I’ve been working with a customer and showing homes all over Charles County in Southern Maryland.  Some may be familiar with Bryans Road as you proceed south on Indian Head Highway (Route 210) past Fort Washington and Accokeek.  After showing over 50 homes, my customer finally decided on a property located in Bryan’s Road, MD.  The home met all her requirements, i.e., close to Indian Head highway (Route 210) for her commute into Washington D.C. to work, a rural feel with lots of yard space so her dad could park his RV, quiet and peaceful, spacious rooms, and a master bedroom with a full bathroom.  Lastly, a sales price of no more than $380K which she was pre-qualified before we started her home-shopping journey.  She is a military veteran with a VA loan guarantee in hand.

We looked at properties only in Charles County.  She wasn’t interested in Prince Georges (PG) county.  So, we spent many evenings Mon-Fri after she got off from work and many weekends viewing homes in Waldorf, White Plains and LaPlata, MD.  She was accompanied by her 5-year-old and 11 year old daughters on occasion.  Those two girls were so excited at every showing! They walked in and immediately selected their bedrooms and asked “Mommy, when are we moving in?”.  That was quite hilarious.

Initially, we sought after townhomes.  Upon seeing the rising prices of townhomes, I suggested she start looking at single-family (detached) homes to get more “bang-for-your-buck” as the saying goes.  She was able to go back to her lender and request an increase in the amount she initially was pre-qualified for.  She had a little wiggle room, so the loan officer bumped up the amount she could afford.  That new amount opened new possibilities.

We decided to begin looking west of Route 301 from Waldorf, White Plains and La Plata, MD to areas such as Port Tobacco, Welcome, MD, Pomfret, Marbury, Nanjemoy, Indian Head, and finally deciding on Bryans Road, MD. Driving on those single-lane country roads made us feel like we were out of town - North Carolina or South Carolina where we both have family members.  That rural feel was becoming attractive.

Well, as it turns out the property she selected had been on the market only seven days with no offers.  That was a sign of the changing real estate market conditions.  The property was also completely renovated.  A new roof, windows, appliances, furnace, water heater, flooring, and freshly painted with trendy white and greys throughout.  It turns out the house is only four miles from the Potomac River and Marshall Hall.  Many of us baby-boomers from the area would go there in the 1970’s when it was an amusement park.  It brought back my own childhood memories. 

Anyway, getting back to the comparison I wanted to make between Bryan’s Road and Upper Marlboro, MD.  Bryans Road is a bit more affordable to live in.  There are some older homes with sizeable acreage.  Most residents living there must go to nearby Fort Washington to the north or Waldorf, MD to the west to shop for food, clothing, etc., but it’s only a 10–15-minute drive.  Bryans Road is lacking a bit in shopping choices.  There is a Food Lion, McDonald’s, Burger King, and KFC at the main intersection of Indian Head Highway and Route 227 which is Livingston Rd. on one side and Marshall Hall on the other side.   If you are a frugal thrift store shopper like myself, you’ll find the Go Green Thrift Store next to the Dollar General in the town’s only strip mall.

According to the Bryans Road Sub-Area Plan, a recommendation has been made to develop a Bryans Road Town Center with many amenities.  Additionally, four new residential home construction developments have been suggested.  If built, it will boost home prices in that area soon.  So now is the time to buy a home in Bryans Road, MD!

Here’s a video of my Bryan’s Road Home Tour video on YouTube.

If you are interested in buying or selling your home contact me 240-535-1855 or email [email protected].

The current average mortgage rate in Southern Maryland is 7.12% as of July 3, 2023.  Depending on your credit score and debt-to-income ratio you may qualify for a better rate in the 6% range. If you’re planning to purchase a home in the $400K price range, your monthly payment would cost roughly $3379 per month including a downpayment of $12,000 or (3%).  Keep in mind that you can always refinance the house once there is a significant drop in interest rates. There’s a lot of volatility in the mortgage market so interest rates can go up or down in a matter of months.  Don’t be afraid! If you can afford to buy a home now, do it! You’ll reap the benefits in the years to come.

This spacious, upscale townhome is only three years young and is currently for sale at $485,000. (Photo - 1st house from the right)

Built in 2020 in the newly established Capital Court community only minutes from the Capital Beltway and Largo Town Center Metro station. It boasts 3 levels, 3 bedrooms, 2.5 baths, a two-car garage, deck, and a downstairs recreation room.

The main level (upstairs) has a bright, open floor plan with the kitchen in the center making it the main focal point with a very large kitchen island. 

One side is the dining area leading out to the deck and the other side is living room area.

The walkable neighborhood includes a playground, a clubhouse with a gym and other amenities, and a community center that residents can rent for activities. Nearby upscale shopping at the Woodmore Town Center includes Wegman’s, Costco, Nordstrom Rack, and Old Navy to name a few.

For more photos, information or to schedule a showing contact me at 240-535-1855.  Angelo Rhodes, Realtor #gowithangelo

There are currently 8 single family detached homes and 17 townhomes for rent in Upper Marlboro, MD as of November 10, 2022.  Please contact me for additional details, photos, etc, at 240-535-1855 or email [email protected]

Here's a list of recent home sales activity in "The Hamptons" subdivision located in Brandywine, MD off Dyson Rd.  The neighborhood is a short walk to Gwynn Park High School and Middle School. These 15-17 year old, large 3 level colonial style homes are selling between $550K - $613K. 

For more information call or text me at 240-535-1855.  #GOWITHANGELO.  Be sure to check out my drone flyover of The Hamptons for a better view of the neighborhood.

Be sure to check out this drone footage of The Hamptons!

Riding along the southbound side of Route 301 before Marlboro Pike you may have noticed a construction area and asked yourself “What are they building”?  Well, they are building new apartments and townhomes to help families most in need.  The new development is called Gateway at Peerless as it is located on Peerless Ave. in Upper Marlboro, MD.  It will be a mixed-income multifamily development with 62 units boasting 1, 2, and 3-bedroom apartments and townhomes.  According to the developer’s website it appears they are accepting the HUD Housing Choice Voucher Program for low income families. 

The developer (Conifer Realty) has partnered with the Episcopal Housing Corporation, a non-profit organization whose mission is to promote the creation of affordable housing to help families most in need.

Here's a link to the developer’s website for more information and to apply.
Gateway at Peerless - Conifer Realty LLC (coniferllc.com)

Below are a few pictures I snapped during construction.

Last week I sold the townhouse I had listed at 16207 Presidio Way in the Ternberry neighborhood of Bowie, MD 20716.  It sold for $395,000.  Ternberry is subdivision with a mix of Single Family (detached) homes and Townhomes. The Ternberry neighborhood was built in the 1990's. Prices average $454K for a 4 bedroom single family home and $393K for a 3 bedroom Townhouse.

Here's a video I put together to capture the essence of the neighborhood.  You will see unique contemporary style homes not found in some other neighborhoods of Prince George's County MD. 

If you are thinking of buying, selling, or may need a Comparable Market Analysis (CMA) of your home, call me at 240-535-1855.