Searching for a new home in the Washington, DC suburbs? Trust Movoto as your resource guide to Hyattsville, MD real estate. Let's start with a few basics about the area.
Hyattsville is a city in Prince George's County, Maryland, bordering Washington, DC. Hyattsville is an urban area with small-to-medium size houses and small yards with trees. Near the University of Maryland College Park area, there are apartment houses, office buildings, and housing developments.
The major thoroughfare through Hyattsville is US 1, Baltimore Avenue. Highways include Route 50, I-95, and the Baltimore-Washington Parkway. The city is 6.5 miles (23 minutes) from Washington, DC via Rhode Island Avenue. It is 31.9 miles (42 minutes) from Baltimore via US 295 (Baltimore-Washington Parkway) and I-95.
Residents can make a simple day trip to visit the Smithsonian museums or the National Zoo, catch Orioles baseball, and cheer for the Ravens and Redskins football teams.
Hyattsville covers several zip codes. For our demographics discussion, we focus on the 20781 zip code, bounded by US 1 to the south and Hamilton Street to the north. Currently, 14 homes are available with a median list price of $300,000, a median house size of 3,000 square feet, and a price per square foot of $130. The area sold 213 homes recently.
The education level of your neighbors is evenly split between those with bachelor's degrees (29%), those with high school diplomas (29%), and those with education of high school or less (28%). Another 14% of residents hold post-graduate degrees.
If you want a neighborhood with children, you will be happy to know that 25% of the households in the area have children under age 18. The largest group is those in the 40-64 age range (30%) while adults in the 18-39 range account for 28% of residents. If you have retirees in your household, they will want to know that 6% of the residents are age 65 and over.
The working population toils primarily (71%) in the civilian employment sector and another 24% are not in the labor force at all. The residents who work in civilian employment do so primarily in education/health (18%) and construction (17%) sectors. Another 15% work in other professions.
With respect to household income levels, Hyattsville is in the middle-class income strata with 21% of households earning less than $30,000 annually. The largest group of households (36%) has annual income of $30,000 to $74,999 while households with incomes between $75,000 to $149,000 make up another 34%. Only 10% of the population has household income over $150,000.
The sizes of homes in the area are relatively small. More than half of the homes (55%) have 4-6 rooms. Another 27% have 7-8 rooms while 16% have 9 or more rooms. If you need four bedrooms for your household, consider that only 16% of homes have four bedrooms. Another 28% have three bedrooms and 27% have two bedrooms. One-bedroom units make up 18% of households.
Whether you want to rent a home, or search for income-producing property, you need to know that 41% of the available housing are rental units. The monthly rental fees range from $999 or less (57% of units) to $1,000-1,499 (36% of units). Only 1% of units rent for more than $1,999.
Our market snapshot covers the entire city. Inventory shows 169 homes available which is a 6% decrease from one month ago. The median list price is $240,000 which is a 5% decrease from prices one month ago. Distress sales were at 9% a month ago but have decreased to 7% today.
Prices increased three times in the last six months of 2015 ( two of them for condos/townhouses) while prices reduced 21 times during the same period (only four of those for condos/townhouses). During July-December 2015, there were 305 new listings (173 of them single family homes).
The median list price of homes peaked from a low of $212,900 in June of 2015 to $254,900 in September that same year and stayed at that level for two months. Then, in December 2015, prices took a steep dive to $225,000 and by February 2016 had dropped to $205,000. One month later, in March 2016, they bounced back to $222,000.
From a high of 391 homes in June of 2015, inventory decreased steeply to 222 in September 2015 and then steadily decreased to its level on March 2, 2016 of 148.
Hyattsville, MD real estate appears positioned for buyers at this point. The median stay on Movoto's listing is 47 days which represents a 2% decrease from last month. Median prices have bounced back somewhat and, with inventory continuing its two-year long decrease, buyers should consider jumping into the market now before prices climb higher. Buy low, sell high is the watch word for this month.
