Potomac, MD Real Estate Report/Housing Market at a Glance: APRIL 2020
Latest news on the Potomac real estate market and what it means for you...
Potomac, Maryland real estate report/snapshot for April 2020.
The Potomac housing market remained a seller's market in April 2020 with 2.7 months of inventory, down from the five year average of 4.3 months. Housing inventory was down to 151 active listings as compared with 132 in March 2020 and 232 listings in April 2019. New listings ( 79 in April) decreased 11.2% from March 2020 and decreased 45.1% year-over-year. Many sellers are reluctant put put their homes on the market during the COVID-19 stay at home order, putting a real damper on inventory - and keeping it a sellers' market.
New pending sales (39 sales) dropped 33.9 % in Potomac in April 2020 compared with March 2020 and decreased 48% year over year. Potomac's closed sales remained the same year-over-year and 10.2% from March 2020. Fifty four homes closed in March 2020 (and April 2019).
On average, homes sold in 34 days, down from 37 days compared with the same month one year ago and down from 55 days for the month of March 2020. Median days on market were 11, down 8.3% year-over-year and down 47.6% month-over-month.
The average price of sold homes increased 0.7% year over year to $991,920 and 4.7% from the previous month, while the median sale price increased 5.1% year over year and increased 5.6% from the previous month to $897,500. Price per square foot was $280, up 7.3% from the previous month but 4.1% year-over-year.
Sellers received 98.2% of listing price in final sale price (up from the 5 year average of 97%), showing minimal opportunity for buyers to negotiate.
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POTOMAC HOUSING MARKET HIGHLIGHTS:
MARCH 2020 VERSUS THE 5 YEAR AVERAGE
SEARCH ALL POTOMAC, MD AREA HOMES HERE
WONDERING WHAT YOUR POTOMAC AREA HOME IS WORTH?
The most expensive home in Potomac in the spring of 2020 is a beautiful home at the intersection of River Road and Belle Terre. Listed for $9.9M, this home is sure to capture your heart!
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WHY LIVE IN POTOMAC MARYLAND?
Potomac is typically the most affluent town in Maryland. In 2013, CNNMoney listed Potomac as the most affluent town with more than 25,000 residents in the United States, based on median household income. Bloomberg labeled Potomac as the twenty-ninth-richest zip code in the United States in 2011, stating that it had the largest population of any U.S. town with a median income of more than $240,000. In 2012, The Higley Elite 100 published a list of highest-income neighborhoods by mean household income, which included four neighborhoods in Potomac; one of these neighborhoods, "Carderock-The Palisades" was ranked the highest-income neighborhood in the United States, followed by "Beverly Hills-North of Sunset" and "Swinks Mill-Dominion Reserve" in nearby McLean. In 2014, two Potomac neighborhoods were ranked among the ten wealthiest neighborhoods in the country by CNBC. In 2018, data from the American Community Survey revealed that Potomac was the sixth-wealthiest city in the United States. Many Potomac residents choose to live here because of its pastoral beauty and great schools like Churchill High School and Wootton High School, plus its proximity to work in DC and the nearby bio-tech corrdor along I-270.
A LITTLE HISTORY OF POTOMAC MD
Potomac was named after the nearby Potomac River. The land that is now Potomac Village was first settled by Edward Offutt in 1714 after he was granted a 600-acre (2.4 km2) land grant "Clewerwell" by Lord Baltimore. His grant of land was by the Tehogee Indian Trail, an Indian trade route built by the Canaze Indians in 1716. Throughout the 18th century, what became known as Offutts Crossroads was a small, rural community which served planters and travelers. In the 19th century, a few small dwellings had been built along with a tavern established in 1820. By the Civil War, the community contained two general stores, a blacksmith shop, and a post office which served a community of 100.
Offutts Crossroads was renamed Potomac in 1881 by John McDonald. An Irishman and veteran of the Civil War, McDonald settled in Potomac around that time. He petitioned for the name change since postal officials were asking for brief names and there were already several other communities in the area with the name "crossroads".
By the turn of the 20th century, Potomac experienced a period of growth. Thomas Perry, an operator of a nearby general store, built a house on the corner of Falls and River Roads in 1902. More residential structures were built on the northern section of Falls Road throughout the 1920s and 1930s. During the 1950s, Potomac was one of many Montgomery County communities to experience suburbanization. Potomac quickly transformed from a rural farming community to a suburban community from the mid- to late 20th century.
Numerous original buildings within Potomac Village have been demolished for the construction of small shopping centers and modern office buildings. The Perry Store has been restored and still stands as part of the Capitol One bank, although the building was moved 21 feet in 1986 to allow for a project to widen the intersection of Falls and River Roads. In the 2010s the Capital One bank bought the service garage next door and turned it into an additional building for the bank.
Three of the remaining four corners of the River Road/Falls Road intersection are taken up with small shopping centers. There is a Safeway in one and a Giant in the other. There are lots of locally owned restaurants like Potomac Pizza and services such as Strosniders, a great hardware store, besides a Starbucks and Chipotle and Walgreens.
CURIOUS ABOUT WHAT THE POTOMAC MD MARKET HAS DONE IN THE PAST?
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