How's the Real Estate Market in 20850?

The headlines are claiming that the housing market is recovering – how is Rockville’s zip code 20850 doing?

As of August 2012, the real estate market in 20850 appears to have dropped off a bit compared to this time last year, at least as far as sold price goes.

This year, sellers are getting 95.6% of their asking price compared to 2011’s 95.5% of their asking price.

So far in 2012, the average sold price for a single family home decreased to $602,592 compared to 2011’s $678,981.  This statistic is a little skewed however, since in 2011 at this point there were 17 sales over $1 million (including a $3.3 million property) compared to only 9 sales at or above $1 million so far in 2012.

The average sold price for attached homes (both town houses and condos) decreased to $414,300 from $461,930.

From January to August, there have been 131 single family homes sold, 107 townhomes and 88 condos sold.  More homes have been sold this year compared to last year’s 134 single family homes and 173 attached homes sold.

This year, the average home was listed for 55 days, which is an improvement from last year’s 60 days on market.

The neighborhoods with the most activity have been Fallsgrove, King Farm and Americana Centre.  The most expensive home that has sold was a colonial in Glen Mill Knolls for $1.3 million in August.

As of the end of August, zip code 20850 has had 4 foreclosures and 18 short sales.  This time last year, there were 14 foreclosures and 24 short sales, showing great improvement this year with a large decrease in distressed home sales.

Please visit our website to see more details regarding the Rockville real estate market and to view market reports, interactive charts and much, much more!