Home Sales Prices Spiking in Route 1 Corridor

home sales Hyattsville University Park Maryland

Photo courtesy of The Pirovic Team

Home sales prices in the Route 1 corridor are dramatically up from the same time last year, according to data provided to the Hyattsville Wire.

Statistics on real estate transactions from SmartCharts, a firm used by real estate brokers, show that, as an example, sales prices in the 20782 ZIP Code were up 11.7 percent in the first quarter of 2018 compared to the first quarter of 2017.

By comparison, sales prices during that same time period in Montgomery County, which has a higher baseline, were up just 2.3 percent, according to SmartCharts.

Local real estate brokers say Hyattsville, Riverdale Park and College Park are doing very well, while University Park, College Heights Estates and Calvert Hills are particular hotspots. Homes within a two-mile radius of the University of Maryland campus are also getting higher-than-expected sales prices.

Real estate agent Jean Pirovic of the Pirovic Team told the Wire that a shortage of inventory which carried over into the first quarter of 2018, low interest rates and new amenities like hotels, shopping centers and restaurants are driving the sales.

“The start of the construction of the Purple Line has created additional excitement and will bring more amenities to the area no doubt,” she added.

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