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.
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POTOMAC HOUSING MARKET HIGHLIGHTS:
MARCH 2020 VERSUS THE 5 YEAR AVERAGE
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 in Montgomery County, Maryland, 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 Hills, California and "Swinks Mill-Dominion Reserve" of McLean, Virginia. 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.