$4,450,000
11,469 SqFt
8 Beds
•7 Full Baths, 2 Partial
Krystyna Kazerouni, Listing Office: Long & Foster Real Estate, Inc.
Is Potomac, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2023
Since last year, Potomac has remained a Seller's Market.
Key Takeaway
Potomac is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Potomac, MD
How much do homes in Potomac, MD cost?
Median Sold Price
$1,260,000
$349/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
+$46,092(+3.8%)
Key Takeaway
Homes in Potomac have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Potomac was $1,260,000 in August 2024, up 3.8% from last year, and the median price per square foot was $349.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $222.5K | $235K | +5.6% |
| 2 Bedrooms | $315K | $325K | +3.2% |
| 3 Bedrooms | $802.5K | $870K | +8.4% |
| 4 Bedrooms | $1.0M | $1.2M | +12.1% |
| 5+ Bedrooms | $1.5M | $1.6M | +2.2% |
Summary: Potomac housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes increased by 2.2%.
Housing Supply in Potomac, MD
How many homes are available in Potomac, MD?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 131 | 115 | -12.2% |
Summary: The Potomac real estate market had 115 homes for sale in August 2024, a 12.2% decrease compared to July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 7 | 8 | +14.3% |
| 3 Bedrooms | 16 | 11 | -31.3% |
| 4 Bedrooms | 40 | 33 | -17.5% |
| 5+ Bedrooms | 64 | 59 | -7.8% |
Summary: The Potomac housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 31.3%, 4 bedroom homes decreased by 17.5%, and 5+ bedroom homes decreased by 7.8%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 53 | 43 | -18.9% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Potomac, you could pay more than the asking price. 53.5% of homes here sold above asking price last month.
Summary: A total of 43 homes were sold or pending in Potomac in August 2024, down by 18.9% month-over-month. Of the 43 sold homes, 21% were sold under asking, 26% were sold at asking, and 53% were sold over asking.
Days on Market for Potomac, MD
How long does it take to sell a home in Potomac, MD?
Average Sale Time
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 16 Days | 17 Days | +2.3% |
Summary: Homes in Potomac had an average of 17 days on market in Aug 2024, up by 2.3% compared to last year.
Breakdown of Home Sale Times
35 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Potomac are selling fast, if you're buying plan to act quickly.
Summary: During August 2024, 43 homes were sold in Potomac; 81% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
