Just to the north of Washington DC and Southwest of Baltimore is Montgomery County. This area is one of the most affluent in the country with the highest percentage of residents (over 25 years of age) with post graduate degrees. There are just over 1 million residents in the County with the majority living in unincorporated areas. Regions such as Silver Spring, Bethesda and Germantown are extremely populated the outlining unincorporated areas such as Rockville and Gaithersburg are also well represented in terms of population.
Montgomery County is considered part of the Baltimore-Washington and Washington Metropolitan Areas. Montgomery County’s considered the East Coast equivalent of Silicon Valley in terms of biotechnology. It is the third-largest biotech research and development cluster in the country.
Homes in the Montgomery County area have seen a steady rise in value in 2012 and it continued to maintain that upward trend. The most recent one year change has been 6.2 percent and real estate analysts anticipate another 1.2 percent rise over the next 12 months. The median list price per square feet is currently averaging $239 which is higher than the Washington Metro area average ($200) this year.
Another factor that has influenced the market value of homes in the County is the foreclosure rate. Montgomery County has a lower foreclosure value (2.5) versus the Washington Metro value of 3.6. The national value is 5.1. Foreclosure values are based on number of homes per 10,000 in a given area. This essentially means that the market for homes in Montgomery County will continue to be strong. Work with a knowledgeable real estate agent to ensure the best possible outcome from the real estate transaction.