Is Potomac, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$1,226,000
$340/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Potomac have sold for 2% more than they did a year ago.
Summary: The median home sold price in Potomac was $1,226,000 in March 2024, up 2% from last year, and the median price per square foot was $340.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $218K | $225K | +3.2% |
| 2 Bedrooms | $305K | $310K | +1.6% |
| 3 Bedrooms | $863.5K | $859K | -0.5% |
| 4 Bedrooms | $1.0M | $1.1M | +12.3% |
| 5+ Bedrooms | $1.5M | $1.5M | +1.0% |
Summary: Potomac housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.2%, 2 bedroom homes increased by 1.6%, 3 bedroom homes decreased by 0.5%, 4 bedroom homes increased by 12.3%, and 5+ bedroom homes increased by 1%.
Median Sold Price Compared To Nearby Neighborhoods
| Potomac | $1.2M | $1.2M | +2.0% |
| Potomac Falls | $2.5M | $1.8M | -26.7% |
Housing Supply in Potomac, MD
How many homes are available in Potomac, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 180 | 196 | +8.9% |
Summary: The Potomac real estate market had 196 homes for sale in March 2024, a 8.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 10 | 12 | +20.0% |
| 3 Bedrooms | 14 | 16 | +14.3% |
| 4 Bedrooms | 43 | 43 | 0.0% |
| 5+ Bedrooms | 108 | 120 | +11.1% |
Summary: The Potomac housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 14.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 35 | 35 | 0.0% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Potomac, you could pay more than the asking price. 51.4% of homes here sold above asking price last month.
Summary: A total of 35 homes were sold or pending in Potomac in March 2024, the same as the previous month. Of the 35 sold homes, 31% were sold under asking, 17% were sold at asking, and 51% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 34 Days | 10 Days | -69.4% |
Summary: Homes in Potomac had an average of 10 days on market in Mar 2024, down by 69.4% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 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 March 2024, 35 homes were sold in Potomac; 91% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
