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Montgomery County Home Prices Higher Than New York's

How high can prices go in Silver Spring and other Maryland DC suburbs?

Median home sale prices in Washington, DC, rose .4 percent from December, according to data from January 2013 cited in a recent Washington Business Journal article. The data, from website Zillow, shows a median sales price of $327,100, sixth in the nation.

The top five are:

  • San Jose, CA - $639,500
  • San Francisco, CA - $538,000
  • Los Angeles, CA - $421,800
  • San Diego, CA - $381,900
  • New York, NY - $346,100

Montgomery County, by comparison, would take the 5th place position from New York, with a median sales price of $379,500, a 4.9 percent year-over-year increase.

Prince George’s County is also up in a year-over-year increase of 2.8 percent, with a median sales price of $230,800.

The cheapest housing market? Detroit, MI, with a median sales price of just $82,600.

The International Business Times, citing data from Standard & Poor’s/Case-Shiller, reports that housing prices rose over 7 percent last year, yet are still below the figures from 2003.

The article pegs the increase to the easing of foreclosures and falling mortgage rates. The article also cites National Association of Realtors data that show a national median home price of $173,600, up 12.3 percent from last year.

Elizabeth Forbes Wallace March 01, 2013 at 02:55 PM
Perhaps it is time to adjust the minimum wage to the cost of living by geographic area?

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