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Rockville Home Values Continue to Soar as Inventory Drops

Rockville homes are currently in high demand and are selling at a premium as more potential home buyers look to stake their claim in this much sought after city of just over 60,000 residents.

While this could have a lot to do with the proximity of Rockville to the metro centers of D.C. and Baltimore, Rockville also has a lot to boast about, coming in as the third largest city in the Old Line State. And recent real estate data is showing that the hot Rockville market that persisted through the first half of 2013 is showing little sign of letting up.

An August 9th report from California-based real estate analytics tracker Altos Research showed the median list price for Rockville homes at $633,935. That’s the highest 90-day average the Rockville market has seen all year, and is up by about a whopping $220,000 since 2013 began when the median list price was around $413,000. The seven-day median list price for Rockville homes was also trending way up at over $660,000, indicating that Rockville is performing well even in the short term. This is a rarity in a market where home values have declined slightly across the nation in the second half of 2013 due to increased interest rates.

Rockville area homes a hot commodity

Also pointing to a strong seller’s market and increasing Rockville home values is the number of homes for sale on the market. Rockville’s inventory as of the Altos report was at just 130 properties for sale. This is down from about 165 as recently as the beginning of June, and is in line with a trend that has seen Rockville home inventory decline in the second half of the year. For Rockville home owners who have been waiting out the economic downturn of the past several years in the hopes of selling, there is no better time than the present.

Rockville home owners know why this scenic area is such a wonderful place to call home. To hear more about Rockville real estate, please contact our team of experienced local real estate professionals.

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