Rockville Real Estate Market Prices, Trends, and Forecasts 2023

Rockville is a beautiful city with equal parts small-town quaintness and big-city culture. Capturing the beauty of idyllic Americana, this corner of Maryland is the county seat for Montgomery County. Its placement at the heart of the county makes it a central hub for amenities and adventure.

Rockville also boasts some of the most advanced biomed and technology companies in the United States. Plus, just 40 minutes away is Washington, D.C. Many residents are known to commute to their jobs on Capitol Hill before returning to their homes in Rockville, trading out the high-paced atmosphere for a laid-back area to unwind.

Located in the Baltimore-Washington metropolitan area, Rockville has become a hidden challenger in the real estate market, drawing in a fair percentage of buyers who desire the intimacy of a hometown feel with access to cosmopolitan life. So what is the forecast for the Rockville real estate market? Here is a complete breakdown of what to expect in the Rockville real estate market for the rest of the year.

At this time, all arrows are pointing to an increased home value. Within Montgomery County, the median sold price has been growing throughout the year, currently sitting at $610,000 as of the latest data. This median price is up by 1.7% compared to April 2023.

When decoding marketing statistics, it is important to differentiate between long-term and short-term investments. While Montgomery County homes have seen a slight dip in median sold prices of 1.6% compared to a year ago, prices have risen steadily throughout the course of 2023 so far. For example, in January, the median sold price was $514,990.

When observed through the long-term investment lens, factoring in a longer timeline, the prediction of Montgomery County homes seeing a spike in value over three to five years is a more accurate forecast given the available market history. In fact, zooming into Rockville real estate specifically, the median sold price has grown by 7.3% over the past year.

As of June 2023, the Federal Reserve indicates that interest rates will remain high. For cities like Rockville, observing the interest rates in Maryland as a whole is fairly accurate in its trends. As of July 2023, interest rates for the state rest at 7.23% for a 30-year fixed mortgage and 6.56% for a 15-year fixed mortgage. After the anomaly of interest rates at 3% in previous years, returning to the 6% to 10% interest rates can feel like a tall order. However, this increased percentage is standard for the market. While some buyers may feel hesitant to enter the market due to the increased cost of a mortgage, it’s important to remember that they may be eligible to refinance in the future. If you find a property that checks all the boxes, don’t wait to make a move.

Within Montgomery County, 1,001 housing units were sold as of May 2023. While this is a 23% drop compared to May 2022, it still represents an increase in buyer activity from April 2023 and even earlier in the year. Similarly, new listings are also down compared to May 2022 but have risen over the course of the year. The current active inventory in Montgomery County sits at just under 800 homes, with new listings nearly reaching 1,000.

The county has had a consistent streak of homes seeing a quick turnaround time on the market, placing the county in a seller’s market. Due to high demand, Montgomery Count consistently experiences a competitive housing market, with homes staying on the market for as little as six to 10 days.

The average sales price is $751,434, and the median sales price is $610,000. Single-family, townhomes, and condominiums in the area have beat out multi-family homes in the long run, reflecting the buying trends within the county. In total, 535 homes were sold above the asking price, with projections indicating this will be the norm for the county for the next three years, stabilizing the market as a whole.

Median home prices for Rockville are set to maintain a steady increase over the next three to five years, with economists observing the market values and comparing this year's listings with last year's.

Of course, the national market had to navigate an overall rebalance after the pandemic, with each state and city experiencing its own form of recalibration. For Rockville, the level of consistent demand drives the local market and keeps competition high among buyers. Thus, working with an exceptional real estate team is important to connecting buyers with properties and helping them negotiate for winning deals.

In short, yes. Forecasting predicts a solid return on investment for long-term investing, with a profit potential of 1.14% in one year. However, experts recommend being intentional in how buyers and sellers navigate the Rockville real estate market. Sticking around for the long haul is always advised since there can be multiple dips and rises in the market within as little as six months.

All in all, Rockville is still a spectacular place to live, which allows it to maintain its status as a highly desirable city. Containing countless amenities and a beautiful atmosphere, this Maryland city has a lot to offer veteran homeowners or those looking to buy their first home.

If you need expert assistance finding a property in Rockville real estate, connect with the experienced team at EV Properties Group to begin the journey. This top-tier team will act as your expert guide and ally, aiding you in your quest to comprehend the local real estate market. Contact Eddie Vasquez today for more information.