If you're waiting until the prices of the last boom come back, I can tell you, it won't happen again anytime soon. Too many factors caused it that will not be allowed to happen again. However, if you are thinking of moving, now could be the best time to sell as the rates are great and while you may not get as much for your present house as you think it's worth, you can make up the difference on the other end and get a great deal on a house that if you waited for your value to come back, you'll pay more for the next house.
I hope this helps. Feel free to contact me if you wish a more accurate Absorption Rate based on your particular property.
4 homes sold in Zip 20736 in December 2008 for an average price of $541,113 down 4.18% from $564,734 average of 4 homes sold in December 2007. The averages don't mean a lot when you only have 4 to compare. Two of the sales were for less than $300,000 and two were for over $700,000.
You can look at market statistics yourself at the MRIS website. go to http://www.mris.com, hover on the "News" link then navigate down to "Market Statistics."