Summer is sizzling in the real estate market in Rockville, Maryland. May showed a total of 165 total units sold where June brought 226 total units sold, continuing the steady climb since early spring.
A Look at the Housing Market
In May, single-family homes accounted for 133 sales with average sales prices of $580,126. June showed a significant increase at 178 units sold at average prices of $582,492.
As with May, four bedroom homes lead in popularity. In May, 66 four-bedroom homes sold with values of $578,613. June, however, recorded a total of 94 units sold at average costs of $571,849. For June, more houses sold than in May, but at slightly lower values.
Six bedroom sales went up in the number of sales and down in value from May to June. May saw a total of three six-bedroom homes sold at average sales prices of $863,333. June, however, saw four sales of six-bedroom houses but at average sales prices of just $791,500.
Homes with two-car garages were most popular, accounting for 66 sales, 13 sales for properties with a single-car garage, and only two sales of houses that had a three-car garage.
In short, single-family homes with four bedrooms and a two-car garage were the most popular sales in June, consistent with May.
At the end of May 2017, there was a total of 228 active listings in Rockville, Maryland. In June, there is a total of 220 active listings, showing a slightly lower inventory than the previous month.
A Look at the Condo Market
More condos sold in June than in May. May showed a total of 31 sales of condos and co-ops with average sales prices of $326,084. June recorded more sales, totaling 44, but with lower average sales prices of $305,618.
Two-bedroom condos remain the most popular. May saw a total of 14 sales of two-bedroom units with average sales prices of $347,193. June saw more sales at 23 units sold, but lower values averaging $328,196.
One-bedroom condos went up in both number of sales and values from May to June. May saw nine one-bedroom units sell at an average of $181,136 whereas June brought in a total of 12 sales at values of $212,350 on average.
What This Means for Sellers
The good news is that there are more people buying houses in June than there were in March, April, or May. However, while the numbers of buyers are increasing, overall values are decreasing while inventory remains close to the same. Sellers are likely to see success in selling their homes quickly, but for slightly lower sales prices.
What This Means for Buyers
While inventory hovers at near what it did in May, the values of homes are declining, indicating that now is an excellent time to buy before the selection of houses drops and prices begin to rise.
The real estate market in Rockville, Maryland is full-steam ahead in June. Although average home sales prices are down, more units are being sold than earlier in the year.
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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 $582,492 or less.