How's the Real Estate Market in 20850?

The Rockville real estate market did better in September compared to last year in ZIP code 20850, with the average sold price being up almost 21 percent and the average time on the market being 25 fewer days. Rockville home sellers in 20850 are getting 96.5 percent of their asking price, up from last year's 93.6 percent.

What Has Sold?

In September, 14 single-family homes, 12 town homes and four condos sold. There were two short sales and three foreclosures in the 20850, making distressed properties 16.6 percent of sales.

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What is Happening with Home Prices?

Single-family home sales saw a decrease in average price in September (see the chart in the illustration or click here to see interactive charts) from an unusual high point in August, bringing the average price more in line with earlier this year. A change in the average sales price for one month is not necessarily an indication of a trend. It could simply indicate that more homes were sold in a more or less expensive neighborhood of Rockville.

The most expensive home that sold was a newly-built colonial in the Chestnut Lodge community. It sold for $1,061,451.

See more details at Rockville Property Values.

Are Homes in 20850 Getting Their Asking Price?

The second chart in the illustration shows what proportion of the original listing price a home seller is getting when they sell. This takes into account price reductions. This month's overall average is 96.5 percent, compared to last year's average of 93.6 percent and the overall county average of 93.9 percent.

How Long Is it Taking to Sell a Home?

The average number of days it took a home to sell in September was 60, compared to 85 days last year. The overall county average for the month was 77 day. See more market statistics in our Rockville Real Estate Market Trends Report.

Who is Buying?

There were seven cash buyers (often investors) making up 23.3 percent of home sales in 20850 for September. Two each of the short sales and foreclosures in 20850 were scooped up by cash buyers. Overall in Montgomery County, cash buyers made up 16.79 percent of home sales.

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.