Prince George's County has been described as the 'horrible stepsister' of suburban Washington, but over the past decade, it has become a Cinderella story in the housing market. Despite its reputation for affordable housing, county officials remain publicly reticent about the county's success. In this article, we'll explore how the housing market in Prince George's County has changed over the past ten years and what potential buyers should be aware of when considering a home in the area.
Natural Hazards and Environmental Risks
When looking to purchase a home in Prince George's County, it is important to be aware of any natural hazards and environmental risks that could affect homes in the area.These include floods, fires, wind and heat. It is also important to be aware of data related to real estate for sale on websites such as BRIGHT Internet Data Exchange Program.
Sellers' Market
The Prince George's County housing market has become a sellers' market over the past decade, meaning that prices tend to be higher and homes sell faster than in other areas. This was especially true when a change in FHA regulations was enacted in January 1990, giving a special boost to the Prince George County market.The combination of homes at different prices is helping Prince George's rank higher in the Washington-area housing market. Builders are now offering a combination of housing alternatives at different price ranges, and the housing stock is modernizing thanks to normal market forces.
Conclusion
Prince George's County has seen a remarkable transformation over the past decade. From its reputation as an affordable housing source to its current status as a sellers' market with higher prices and faster home sales, it is clear that this Cinderella story is far from over.Buyers should be aware of natural hazards and environmental risks when considering purchasing a home in Prince George's County, as well as data related to real estate for sale on websites such as BRIGHT Internet Data Exchange Program.
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