Health & Fitness
How's the Real Estate Market in 20852?
Homes in the 20852 ZIP code sold for less in August than did homes sold at the same time last year, but they were on the market for a shorter time.
The Rockville real estate market saw mixed activity in ZIP code 20852 for August. The average sold price is down compared to last year at this time ($433,000 vs. $519,000), but this average includes more attached properties (townhomes and condos) than last year. Average days on market is lower (49 days vs. 62) which is good news.
What Has Sold?
In August, 12 single family homes, eight townhomes and 21 condos sold. Of these, there were three short sales and two foreclosures, making distressed properties 12.1 percent of total sales in 20852. The neighborhoods/buildings with the most homes sold were Grosvenor Park, Old Georgetown Village and Randolph Hills.
Do you want to stay up to date on what homes are selling for in your neighborhood? Sign up for our Market Snapshot Report.
What Is Happening with Home Prices?
The average condo sales price in August dropped from July's level. Townhome prices were steady, and single family homes sales saw a significant drop compared to July's level. (See the chart for more details). A change in the average sales price for one month is not a trend—it could just indicate that more homes were sold in a more or less expensive neighborhood of Rockville's 20852.
The most expensive property that sold in 20852 was an "arts and crafts-style" home in Luxmanor for $1.735 million.
You can see more details about home sales in our report on Rockville Property Values.
Are Homes Getting Their Asking Price?
You can tell how "hot" an area is by whether sellers are getting their asking price. This month, all categories of homes in 20852 are hovering at the 96 percent mark. (See the second chart for more details.) This is slightly better than last year's 94 percent in August and better than the overall county average of 94.4 percent. These numbers do take into account any price reductions that were made from the original listing price.
How Long Is it Taking to Sell a Home?
The average number of days it took a home to sell in August was 49, compared to last year’s 62 days on market. Overall in Montgomery County, it took 69 days to sell a home last month. You can see more market statistics in our Rockville Real Estate Market Trends Report.
Who is Buying?
Cash buyers in 20852 (usually investors) in August represented 21.9 percent of sales. Overall in Montgomery County, cash buyers made up 17.9 percent of home sales, so Rockville 20852 is attracting investors at a greater 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.
