How's the Real Estate Market for 20853?

The Rockville real estate market in ZIP code 20853 saw mixed activity in August. The average sold price dropped by more than 4 percent compared to August of last year and houses were taking longer to sell—55 days vs. 42 days.  

What Has Sold?

In August, 26 single-family homes, two townhomes and one condo sold. Of these, there were five short sales and two foreclosures, making distressed properties 24 percent of total sales in 20853. The neighborhoods with the most homes sold were Aspen Hill Park, Bel Pre Woods and Wheaton Woods.

Do you want to stay up to date on what homes are selling for in your neighborhood?  Then sign up for our Market Snapshot Report.

What Is Happening with Home Prices?

Single-family home prices took a dip after a big increase last month (see the chart in the illustration). A change in the average sales price for one month is not necessarily a trend. It could simply indicate that more homes were sold in a more or less expensive neighborhood of 20853. 

The most expensive home that sold in 20853 in August was a contemporary in the Manor Woods section of Bel Pre Woods, which sold for $788,000.

See more details about home sales in our report on Rockville Property Values.

Are Homes in 20853 Getting Their Asking Price?

A key indicator of how "hot" an area is the ratio of the list price to the actual selling price. The second chart in the illustration shows that sellers were getting almost 94 percent of their asking price last month. The Montgomery County average was 94.4 percent.

How Long Is it Taking to Sell a Home?

The average number of days it took a home to sell in August was 55, compared to 42 days on the market in August 2010. The overall average in Montgomery County was 69 days. You can see more market statistics in our Rockville Real Estate Market Trends Report, where you can compare 20853 to other zip codes in Rockville.

Who is Buying?

Cash buyers in 20853 (usually investors) in August represented 6.8 percent of sales. Overall in Montgomery County, cash buyers made up 17.9 percent of home sales, so Rockville 20853 is attracting investors at a lesser rate than the rest of Montgomery County.

Call Bob Myers of Re/Max Realty Services at 301-910-9910 if you have any questions about the value of your home or the real estate market.