The real estate market in Rockville, Maryland continues to blossom. While spring saw an awakening in real estate trends, things are starting to warm up heading into the summer months. Where April generated an account of 157 total units sold, which was up from the 133 units sold in March, May ups the anti with 165 houses, condominiums, and co-ops sold.
A Look at the Housing Market
Four-bedroom homes dominated the sales in May with 66 sold at an average selling price of $578,613. Three-bedroom houses were second in line with a total of 33 sold at an average sales price of $495,858. Five-bedroom properties account for 28 of May’s sales with an average sales price of $668,676, and six-bedroom homes attributed three sales to May’s totals, with an average sales price of $863,333.
Houses with 2-car garages also topped the sales over homes with one or three car garages.
At the end of May, there were a total of 228 homes active on the market.
A Look at the Condo Market
Differing from the four-bedroom popularity of detached homes, the most popular condo sales for May were two-bedroom units with an average sales price of $347,193. One-bedroom condos accounted for nine sales with an average sales price of $181,136. The least amount of sales contributing to May’s totals for condos and co-ops were three bedroom units with eight sold at an average price of $482,975.
At the end of May, there were a total of 107 condos or co-ops active on the market.
What this Means for Sellers
With a total inventory of 335 available units for sale at May’s end, it’s still a seller’s market for properties that are priced right and show well. Increased average sales prices position sellers to make more, even if it means waiting for the right offer. And, with inventory relatively low, selling now may be wiser than waiting for available units to increase again. Four bedroom houses with two car garages are in highest demand.
What this Means for Buyers
You won’t be faced with slim-pickings in Rockville, Maryland if you’re shopping for real estate in June. Although median home values are on the rise, there are plenty of properties to choose from whether you’re in need of a one-bedroom condo or a six-bedroom house. In fact, the rise of home values may initiate buyers to strike while the iron is hot since waiting longer could equate to paying more.
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Here’s the most recent home listings just added to the database in the average price range for Rockville. All homes here are priced at $580,126 or less.