Health & Fitness
How's the Real Estate Market in the 20850 ZIP Code?
More homes in the 20850 ZIP code sold in August than in this time last year—and at a higher price.
The Rockville real estate market in the ZIP code 20850 was pretty strong in August. Compared to this time last year, more properties sold at a higher median sales price in a shorter amount of time.
What Has Sold?
In August, 19 single family homes, 21 townhomes and 11 condos were sold. Of these, there were five short sales and one foreclosure, making distressed properties 11.7 percent of total sales in 20850. The neighborhoods with the most homes sold were King Farm, Fallsgrove and Willows of Potomac.
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 and get email updates about the market in your neighborhood.
What Is Happening with Home Prices?
In August, the average condo and townhome sales prices were steady, but the single family homes average made a huge jump (see chart). Unfortunately, this is not the beginning of a new trend. It reflects the fact that a $3.3 million estate sold in Woottons Mill.
You can see more details about home sales in our report on Rockville Property Values.
Are Homes Getting Their Asking Price?
Are sellers getting their asking price in 20850? The second chart shows what percentage of asking price sellers are getting (this does take into account any previous price reductions). These averages are about the same as this time last year.
How Long Is it Taking to Sell a Home?
The average number of days it took a home to sell in August was 53, compared to last year’s 82 days on market. You can see more market statistics in our interactive charts at our Rockville Real Estate Market Trends Report.
Who is Buying?
Cash buyers in 20850 (usually investors) in August represented 17.6 percent of sales. Overall in Montgomery County, cash buyers made up 17.9 percent of home sales, so Rockville 20850 is attracting investors at the same rate as the rest of Montgomery County.
Call Bob Myers of Re/Max Realty Services at 301-910-9910 if you have questions about the value of your home or the Rockville real estate market.
