Is Potomac West, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$819,000
$553/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Potomac West have sold for 1.5% less than they did a year ago.
Summary: The median home sold price in Potomac West was $819,000 in May 2024, down 1.5% from last year, and the median price per square foot was $553.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $302.5K | $305K | +0.8% |
| 2 Bedrooms | $745K | $748.9K | 0.5% |
| 3 Bedrooms | $837.2K | $825K | -1.5% |
| 4 Bedrooms | $1.0M | $1.2M | +10.3% |
| 5+ Bedrooms | $1.7M | $1.8M | +6.9% |
Summary: Potomac West housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.8%, 2 bedroom homes increased by 0.5%, 3 bedroom homes decreased by 1.5%, 4 bedroom homes increased by 10.3%, and 5+ bedroom homes increased by 6.9%.
Median Sold Price Compared To Nearby Neighborhoods
| North Ridge / Rosemont | $557.5K | $655K | +17.5% |
| Del Ray | $831.5K | $830.7K | -0.1% |
| Potomac West | $831.5K | $819K | -1.5% |
| North Ridge | $1.1M | $1.0M | -7.4% |
Housing Supply in Potomac West, VA
How many homes are available in Potomac West, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 69 | 69 | 0.0% |
Summary: The Potomac West real estate market had 69 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 15 | 18 | +20.0% |
| 3 Bedrooms | 34 | 31 | -8.8% |
| 4 Bedrooms | 7 | 7 | 0.0% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The Potomac West housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20%, 3 bedroom homes decreased by 8.8%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 32 | 23 | -28.1% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Potomac West, you could pay more than the asking price. 73.9% of homes here sold above asking price last month.
Summary: A total of 23 homes were sold or pending in Potomac West in May 2024, down by 28.1% month-over-month. Of the 23 sold homes, 17% were sold under asking, 9% were sold at asking, and 74% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 13 Days | 7 Days | -46.3% |
Summary: Homes in Potomac West had an average of 7 days on market in May 2024, down by 46.3% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
1 Home Was 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 May 2024, 23 homes were sold in Potomac West; 96% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
