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DC homebuyers shouldn’t be spooked by median prices (and where the bargains are)

By Jeff Clabaugh

The median price of a home for sale in the D.C. area this spring is $600,000, making the D.C. region one of the most expensive housing markets in the nation. High prices are one of the reasons more would-be first homebuyers are not trying to buy.

But that is a median selling price, and it is not what a homebuyer needs to pay to get a nice home in a good location.

“It’s very unlikely that you will be able to find a single-family detached home in most markets in the Washington area, but there are a lot of other homes, like condos and townhomes that are really good quality in really good neighborhoods, that fall below that $600,000 median price,” said Lisa Sturtevant, chief economist at listing service Bright MLS.

As of the week of May 5, Bright MLS lists 6,000 homes available for sale in the D.C. region priced below $600,000.

The best bang for the buck for buyers continues to be in Prince George’s County, Maryland.

“You can get a single family home, with three or more bedrooms in Prince George’s County much easier than you could in Montgomery County or Fairfax County, and really have more opportunities in that price range,” Sturtevant said.

Home prices are rising faster in Prince George’s County than some other areas, but it remains the most affordable housing market, despite its close-in location.

“Prince George’s County has some historically difficult times with lack of economic development,” Sturtevant said. “Those things are changing but it takes some time for perceptions to change. Also, a lot of the job growth in our region is over on the other side in Tysons Corner and Loudoun County. That’s a real tough commute from Prince George’s County, a lot harder than getting into D.C.”

More than 1 in 3 single-family houses with three bedrooms or more for sale in Prince George’s County is priced below $600,000. In all other jurisdictions in the D.C. region, it is nearly impossible to find a single-family home priced below $600,000.

But there are plenty of condos and town houses priced below $600,000. Throughout the D.C. region, about 10% of townhomes for sale are listed below $600,000. In D.C., 37% of condo listings are under $600,000 and in Arlington 36% are.

Below is a breakdown of sub-$600,000 listings in the D.C. area by jurisdiction, as of the week of May 5:

CLICK TO ENLARGE. (Courtesy Bright MLS)

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