Average Homes Sales Prices Have Increased Significantly in Many Areas of Montgomery County

I've been helping people appeal their property tax values lately by giving them a Competitive Market Analysis of their homes' values. It's really surprising to almost everyone that home values have increased at double digit rates in many areas of Montgomery County. The numbers are somewhat difficult to interpret since homes sales volume has decreased significantly over the last year. Still, here's a sampling of how much the average home sales price increased or decreased in various zip codes locally between February 2007 and February 2008:

Zip Code Percent Increase in Ave. Home Sales Values 2/2007 to 2/2008

20854 (Potomac) 15.58%

20817 (Bethesda) 28.72%

20815 (Chevy Chase) 36.92%

20850 (Rockville) -4.56%

20874 (Gaithersburg) -7.82%

20832 (Olney) -7.59%

For information on your neighborhood, please don't hesitate to email me at Colleen.Barlow@LongandFoster.com

Enjoy! Colleen Barlow, Realtor, W.C.&A.N. Miller Realtors, a Long & Foster Co., Potomac, MD

Direct Phone: 301-717-1663 or Broker's Office Phone: 301-299-6000