Homeowners in Maryland's Washington suburbs who are looking to sell will find a tough market for many months to come, with data showing neighboring Northern Virginia and the District rebounding much more quickly from the housing bust.
Homes for sale in the Maryland suburbs average nearly four months on the market before they are sold, which is the longest in the region, according to data from RealEstate Business Intelligence. By comparison, houses in Northern Virginia and the District average two and a half months before selling.
With homes staying on the market longer, housing prices are falling in the Maryland suburbs from their 2007 peak. Elsewhere in the region, home prices are rebounding.
Maryland also has the highest number of foreclosed homes for sale as a percentage of total sales, which weighs heavily on housing prices.
Foreclosed home sales account for 16.2 percent of total sales in the Maryland suburbs, whereas in Virginia and D.C., they account for 14.8 percent and 4.1 percent of total sales, respectively.
Maryland counties included in the analysis are Montgomery, Prince George's, Anne Arundel, Howard, Frederick, Charles and Calvert. The Virginia counties include Arlington, Fairfax, Loudoun and Prince William, plus Alexandria, Fairfax City, Falls Church, Manassas and Manassas Park. - Hayley Peterson