Housing Prices Drop Lower as Commute Distances Rise

Homes farther out from the central city and with longer commutes are being hit harder by the downturn in the housing market. Those located close to city cores and transit are faring better, according to this report from NPR.

"The ones with short commutes are faring better than places with long drives into the city. Some analysts see a pause in what has long been inexorable - urban sprawl."

"The Washington, D.C., metropolitan area has been hit hard. Prices tumbled an average of 11 percent in the past year. That's the big picture. But a look at Ashburn, Va., about 40 miles from the center of town, finds a steeper fall."

"In parts of the county, housing prices have dropped 18 percent over that same period. New construction has ground to a halt."

"At a recent auction of foreclosed homes north of Washington, in the Maryland suburbs, there weren't many takers. All of the addresses are far from downtown, and average commute times are among the highest in the nation."

"It's a different story for properties that are closer to the city's center - in areas of Montgomery County that are on the edge of Washington."

Full Story: Home Prices Drop Most in Areas with Long Commute

Comments

building block set

NEW! Build the world you want to see

Irresistible block set for adults when placed on a coffee table or desk, and great fun for kids.
$25

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!

Essential Readings in Urban Planning

Planning on taking the AICP* Exam? Register for Planetizen's AICP * Exam Preparation Course to save $25.
Currently on backorder