Speak Out: Townhomes and Condos In, Single-Family Homes Out?
Sale prices of single-family homes are slightly down in Montgomery County, while townhome and condo prices are way up.
Are single-family homes in Montgomery County less sellable than townhomes and condos? Maybe, at least according to an analysis of the last two years published in the Washington Post.
Findings touted a rejuvination of the Washington suburban real estate market that was kind of mirroring the District's seller's market.
The good news for Montgomery County is that prices for townhomes and condos are through the roof--up 9 and 7.3 percent, respectively, over 2011. Townhouses are averaging more than $300,000 per unit, while condos go for around $250,000. The only jurisdiction that saw a higher percentage change in townhouse prices was Frederick County. Prince George's County and Stafford County, VA, beat Montgomery County in townhome percentage change prices.
Single-family homes, though, didn't fare as well. Montgomery is one of only two suburban jurisdictions that saw prices for those dwellings fall from 2011 to 2012. (Alexandria, VA, also saw a drop in single-family prices.) The average price is just under $600,000 now, down from about $613,000 last year, a negative 2.5 percent change.
Still, the future looks bright for home sellers in the 'burbs:
Demand has spread to the suburbs, including some of the region’s most distant suburbs. Even with rising gas prices, demand for suburban living continues, and lower housing costs and suburban job growth will continue fuel the suburban housing market.
Head to the Washington Post for more findings.