21050, Forest Hill, MD

Forest Hill, MD is located in the 21050 zip code. According to the 2010 census, Forest Hill has a population of 10,827. The median household income was $101,521 and the median family income was $112,906. The 21050 zip code has a home equity value of $409,000 and a home price of $429,000.

Forest Hill is located in Montgomery County and is part of the Bethesda-Frederick-Rockville metropolitan area. Forest Hill is within close proximity to Washington D.C., Baltimore, and Annapolis. Forest Hill has excellent schools including Rockville High School (ranked #1 in Maryland), Saint John's College (a private liberal arts college), and Montgomery Blair High School (ranked #2 in Maryland). There are also several businesses located in Forest Hill including Capital One Financial Corporation (the largest credit card company in the world), Lockheed Martin Corporation (the largest defense contractor in the world), Booz Allen Hamilton LLP (one of the largest management consulting firms in the world), and Amazon Web Services LLC (the largest cloud computing company).

The homeownership rate for Forest Hills residents was 83% as of March 2016 according to Zillow. This compares favorably with rates for other parts of Montgomery County which ranged from 69% to 78%. Homeownership rates are higher than average for suburban areas nationwide but lower than rates found in more urban areas such as Washington D.C., Baltimore City or Prince George's County. This suggests that Forest Hills residents are generally comfortable with living outside of downtown areas and prefer smaller homes that are closer to their jobs or schools rather than large homes near public transportation or parks.

Home prices have increased rapidly over the past few years due to strong demand from buyers and limited supply of homes available for sale. As of March 2016, forest hill home prices were above average compared to other parts of Maryland according to Zillow: forest hill had an annual median price increase rateof 5%, while both Anne Arundel County (-1%)and Howard County (-3%)had lower annual median price increase rates over this period.(Zillow) In addition, forest hill had a higher percentage increase (+10%)than both Frederick County (+5%)and Carroll County (+2%).(Zillow) These high levels of demand suggest that there are many potential buyers who are interested in purchasing homes in Forest Hills despite current market conditions which may be characterized by slower economic growth nationally and tighter mortgage lending standards by banks.(NAR)

In addition to strong demand from buyers, there appears to be limited inventory available on the market which is contributing towards elevated home prices.(NAR) One possible explanation for this shortage could be that many potential sellers have chosen not sell their homes due to concerns about future market conditions or because they believe that their home is worth more than what they can currently receive from a sale.(NAR) Another possible explanation could be that some sellers have been waiting until they can find a buyer who will pay more than their current asking price before selling their home.(NAR) However it should be noted that even if all sellers were able to sell at current asking prices there would still be insufficient inventory on the market given how rapidly house prices have been increasing recently.(NAR) It seems likely then that some combination of strong buyer demand along with limited availability has contributed towards elevated house prices throughout much of Montgomery county particularly within forest hills..