How's the Real Estate Market in Derwood's 20855?

The Derwood real estate market saw a relatively small amount of activity in August.  There were 50 percent fewer homes sold this August than last year, 6 vs. 12. The average sold price has been dropping and is lower than last year's average: $393,000 vs. $426,000.

What Has Sold?

In August, five single-family homes and one townhouse were sold. Of these, there were two short sales and one foreclosure, making distressed properties 50 percent of total sales in 20855. The neighborhood with the most homes sold was Mill Creek.

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What Is Happening with Home Prices?

Both townhouse and single-family home prices were slightly lower compared to July sales (see chart in illustration). A change in the average sales price for one month is not necessarily a trend, especially with so few homes sold. It could simply indicate that more homes were sold in a more or less expensive neighborhood of Derwood.

The most expensive home sold in 20855 in August was a colonial in Derwood Station for a net price of $504,000.

You can see more details about home sales in our report on Rockville Property Values.

Are Derwood Home Owners Getting their Asking Price?

The second chart shows that the one townhome that sold got more than their asking price in 20855—great news! Single family homes were getting almost 97 percent of their asking price. Overall in Montgomery County, the average was 94.4 percent.

How Long Is it Taking to Sell a Home?

The average number of days it took to sell a home in August was 61, compared to last year’s 54 days on market. Overall in Montgomery County, it was taking 69 days on average to sell a home. You can see more market statistics in our Rockville Real Estate Market Trends Report.

Who is Buying?

Cash buyers in 20855 (usually investors) in August represented 16.6 percent of sales. Overall in Montgomery County, cash buyers made up 17.9 percent of home sales, so Derwood is attracting investors at almost the same rate as 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.