Inventory numbers drop as prices rise in Rockville real estate market. The exception may be the condo market, which showed a drop in median price this month. Here’s how things shaped up for October.
A Look at the Housing Market
Number of Homes Sold
In the month of September, home sales in Rockville dropped below a hundred sales. Although those numbers dropped, there were still 96 houses sold. During October, that number dropped again, but only by five, recording a total of 91 single family homes sold. Trends show that the market has slowed, but is yet to slip into slumber.
Average Sales Price
While the number of houses sold in Rockville continues to slow toward the winter season, prices are on the rise. August saw average sales prices of around $540,183. Dramatically, that number plummeted more than $12,000 the following month as the average dropped to $527,738. This month, home values climbed more than $40,000 to an average sales price of $574,707.
Popular Sizes of Houses Sold
A continuing trend, four-bedroom homes are the most popular home size in Rockville, with 42 sold in October at an average sales price of $604,383. Three-bedroom homes fell second in popularity with 29 sold at an average of $485,651. There was an average sales price of $696,693 for five-bedroom homes, of which there were 15 sold, and a single six-bedroom home sold at $670,000.
Homes with two car garages out-sold homes with single or three-car garages with 31 sold at an average price of $684,526. Single car garages accounted for 12 sales at an average of $628,257, and three houses sold with three car garages at an average selling price of $966,667.
Available Houses for Sale
Part of the increase in sales price might be in correlation to the decrease in inventory. At August’s end, there were 195 homes for sale, in close comparison to the 194 homes available in September. However, by October’s end, there were only 188 homes available for sale on the market in Rockville. The trends in decreasing inventory and increasing home values isn’t expected to change before winter gives way to the spring frenzy.
A Look at the Condo Market
During October, 37 condos sold with an average sales price of $281,701. This contrasts with 44 condos sold in September at an average sales price of $289,064. As with the trend in single-family homes, inventory is dropping while home values are increasing. There were 78 condos available for sale at October’s end, far less than the 122 available units in September, and less than the 88 units available in August.
What This Means for Rockville Sellers
Although fewer homes sell during autumn and winter traditionally, there are still buyers in the market for houses this month. In fact, as inventory drops, prices escalate, so you might still be able to sell for a solid price before the holidays.
What This Means for Rockville Buyers
Buyers on the house hunt in Rockville have fewer options to choose from this month than they have in the past few months as inventory continues to drop. As inventory drops, not only will you see fewer new homes hit the market, but the homes that are currently listed for sale may increase in value. Furthermore, prices may skyrocket again in spring when the market begins to blossom, so now is an excellent time to buy.
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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 $574,707 or less.