Is Potomac West, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Potomac West has remained a Seller's Market.
Key Takeaway
Potomac West is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Potomac West, VA
How much do homes in Potomac West, VA cost?
Median Sold Price
$825,000
$555/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
The sold price of homes in Potomac West has remained the same since last year.
Summary: The median home sold price in Potomac West was $825,000 in April 2024, up 0.4% from last year, and the median price per square foot was $555.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $320K | $302.5K | -5.5% |
| 2 Bedrooms | $730K | $750K | +2.7% |
| 3 Bedrooms | $828.2K | $825K | -0.4% |
| 4 Bedrooms | $1.0M | $1.2M | +20.5% |
| 5+ Bedrooms | $1.6M | $1.8M | +9.9% |
Summary: Potomac West housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.5%, 2 bedroom homes increased by 2.7%, 3 bedroom homes decreased by 0.4%, 4 bedroom homes increased by 20.5%, and 5+ bedroom homes increased by 9.9%.
Median Sold Price Compared To Nearby Neighborhoods
| Potomac West | $821.4K | $825K | 0.4% |
| Del Ray | $831.5K | $834K | 0.3% |
| North Ridge | $1.1M | $1.0M | -9.2% |
| North Ridge / Rosemont | $685K | $610K | -10.9% |
Housing Supply in Potomac West, VA
How many homes are available in Potomac West, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 58 | 69 | +19.0% |
Summary: The Potomac West real estate market had 69 homes for sale in April 2024, a 19.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 6 | -14.3% |
| 2 Bedrooms | 17 | 15 | -11.8% |
| 3 Bedrooms | 23 | 32 | +39.1% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 4 | 8 | +100.0% |
Summary: The Potomac West housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 14.3%, 2 bedroom homes decreased by 11.8%, 3 bedroom homes increased by 39.1%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 31 | +82.4% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Potomac West, you could pay more than the asking price. 71% of homes here sold above asking price last month.
Summary: A total of 31 homes were sold or pending in Potomac West in April 2024, up by 82.4% month-over-month. Of the 31 sold homes, 23% were sold under asking, 6% were sold at asking, and 71% were sold over asking.
Days on Market for Potomac West, VA
How long does it take to sell a home in Potomac West, VA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 4 Days | 8 Days | +92.1% |
Summary: Homes in Potomac West had an average of 8 days on market in Apr 2024, up by 92.1% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Potomac West are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 31 homes were sold in Potomac West; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
