Update on the Potomac MD Real Estate Market in March 2020

By
Real Estate Agent with Keller Williams Capital Properties DC AB15253

Potomac, Maryland Real Estate Report/Housing Market

At A Glance: March 2020

 

Latest news on the Potomac real estate market and what it means for you...

 

Potomac, Maryland real estate report/snapshot for March 2020.

The Potomac housing market remained a seller's market in March 2020 with 2.4 months of inventory, down from the five year average of 3.7 months. Housing inventory was down to 132 active listings as compared with 134 in February 2020 and 187 listings in March 2019.   New listings ( 89 in March) increased 12.7% from February 2020 but decreased 22.6% year-over-year.

 

Pending sales (59 sales) increased 11.3 % in Potomac in March 2020  compared with February 2020 and decrecased 6.9% year over year.. Potomac's closed sales increased 8..9% year-over-year and 14% from February 2020. Forty nine  homes closed in March 2020.

 

On average, homes sold in 55 days, up from 45 days compared with the same month one year ago and down from 57 days for the month of February 2020.  Median days on market were 21, down 12.5% year-over-year and down 44.7% month-over-month.

 

Average price of sold homes decreased 6.4% year over year  to $947,525 and 15.2% from the previous mont, while the median sale price decreased 7.5% year over year and decreased 5.9% from the previous month to $850,000.  Price per square foot was $274, up 5% from the previous month but down 1.1% year-over-year.

 

Sellers received 97.1% of listing price in final sale price (up from the 5 year average of 96.1%), showing minimal opportunity for buyers to negotiate.

 

  

Want to know what this would mean for your family if you decide to buy or sell a Potomac home?

We can help translate all this data for you.

Call us today at 240-401-5577 or email us at lise@lisehowe.com.  Our greatest joy is in helping you find that perfect home in Potomac MD.

 

Want More Information about the Potomac Housing Market and how your home compares? Give us a call at 240-401-5577 for a private market evaluation.

 

 

 

 

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!

  

Contact us if you'd like to receive our Neighborhood Analyzer Report on a monthly basis so you can keep track of home sales activity in your neighborhood.

 

We're happy to provide an expert home value analysis with no obligation on your part.

  

Need Help With Home Renovations/Updates Before Listing Your Home For Sale? We have a long list of contractors who are reliable and eager for work right now!  Help yourself and help a small business!

WHY LIVE IN POTOMAC MARYLAND?

Potomac in Montgomery CountyMaryland, was named after the nearby Potomac River. 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. Potomac is also the seventh-most top-educated American small town according to Forbes. Bloomberg Businessweek 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" in Beverly HillsCalifornia and "Swinks Mill-Dominion Reserve" of McLeanVirginia. More recently, two Potomac neighborhoods were ranked among the ten wealthiest neighborhoods in the country by CNBC in 2014. 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 nearby Washington, D.C. and the bio tech corridor along I-270.

A LITTLE HISTORY OF POTOMAC MD

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 Indian nation 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 time of 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 communities in Montgomery County 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 strip malls and modern office buildings. However, in the surrounding area, many of the old farmhouses remain, though some are confined within suburban developments. 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.

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Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Lise... another great market report... I just found those graphs in our mls system and trying to figure out the best way to use them.

May 06, 2020 07:47 AM #1
Rainmaker
3,396,986
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Lise, You did it again with another great report for buyers and sellers in your area.  Good job.

 

May 06, 2020 08:20 AM #2
Rainmaker
1,815,205
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Nina Hollander - you are my inspiration for market reports now!  

May 06, 2020 09:11 AM #3
Rainmaker
1,815,205
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Nina Hollander - I am glad that you found the graphs.  If you have SmartCharts pro they provide a lot of information - but I must confess that I really like the way your market reports look 

May 06, 2020 09:12 AM #4
Rainmaker
1,815,205
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Will Hamm - thanks for the kind words!  While I am stuck at home, at least I can start creating a collection of market reports to update! 

May 06, 2020 09:12 AM #5
Ambassador
3,245,234
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

If you read enough of these market reports each month you can see where the wheels fell off the cart. Your market report is one of the best...

Happy Wednesday Lise Howe 

May 06, 2020 11:20 AM #6
Rainmaker
903,780
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Who knows how April is going to look for all our markets. I know what our management has been saying for our area as we have not been allowed to do anything for a long time.

May 06, 2020 12:48 PM #7
Rainmaker
1,815,205
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Paul S. Henderson, REALTOR®, CRS - wow - you  made my day!  Thanks so much for your kind words

May 06, 2020 03:35 PM #8
Rainmaker
1,815,205
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Nick Vandekar, 610-203-4543 - I am so sorry that I had to hang up - I was really enjoying talking with you - I wil circle back later this week!  All the best - Lise 

May 06, 2020 03:36 PM #9
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Lise Howe

Assoc. Broker in DC, MD, VA and attorney in DC
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