The year of 2013 had been tremendous to the recovery of the real estate market nationwide, but certain communities stand out hands above others in their continued prosperity. For Rockville homeowners, they can include themselves among this fortunate lot.
A recent data report from California-based analytics company Altos Research for the week of July 12 saw the median price for Rockville single family homes at $585,365. This jump is in line with the nationally outpacing remarkable figures Rockville has witnessed this year for its home values, which were at around $385,000 for the median price on Rockville homes as recently as March 1st. According to Altos figures, that’s a remarkable median list price jump of $200,000, or 34 percent, over just a four-month period. This upward trend is going at a rate that bigger metros like Baltimore and D.C. can’t compete with, even while the D.C. market has been hot of late.
The Market Action Index (MAI) in Rockville was also phenomenally high in favor of sellers. MAI is a complex algorithm that factors in supply and demand variables to determine whether a particular area is in a buyer’s or seller’s market and how far to either side it is. at 55.63, Rockville’s MAI is ridiculously high, and signifies that intense property demand is in effect in the area. The dividing line of 30 is what separates a buyer’s and seller’s market—just to put things into perspective.
Altos also reported that there were 150 properties on the market in Rockville, which is very low for a city with a population of more than 60,000. The average days on market for Rockville homes was at 76, as of the report. Additional figures saw Rockville homes selling for $246 per square foot.
Rockville is a wonderful area for buyers and sellers alike, and this upwardly mobile real estate market has been a prime location in Maryland for all of 2013. If you’re interested in hearing more about available Rockville homes for sale, or have other Rockville real estate questions, please contact us.