POTOMAC's HISTORY
Potomac Maryland has a long history dating back to the colonial era. The land that is now Potomac was first settled by Edward Offutt in 1714 after he was granted a 600-acre (2.4 km2) land grant of a region known as Clewerwell by Lord Baltimore. His grant of land was by the Tehogee Indian Trail, an Indian trade route built by the Canaze Native American 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. He had settled in Potomac around that time and asked 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".
Potomac real estate market is always active with homes ranging from the 800,000's to multiple millions in value. There is a good mixture of housing styles. The most expensive home on the market in Potomac MD in August 2024 is Dan Snyder's home at 11900 River Road which he donated to the American Cancer Society to sell. Listed for $34,900,000, this home sits on 13.5 aces overlooking the Potomac River.
The data are taken from the MLS (the data are believed accurate at the time this report was compiled, but are not guaranteed, and do not include private/non-MLS sales . 45 homes sold in Potomac in July, down 19.6% from June's 54 closings. There were 48 pending properties, up 14.3% from June's 42 pending sales. July saw 41 new listings, up 2.5% from June's 40 new listings. Here's a summary of the housing activity.
The data are taken from the MLS (the data are believed accurate at the time this report was compiled, but are not guaranteed, and do not include private/non-MLS sales).
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45 homes sold in Potomac in July, down 19.6% from June's 54 closings. Here's a summary of the housing activity:
Single Family Homes Sold
38 single family homes sold in July (down 20.8% from June's 48 ); 21 Average Days on Market - up from June's 11; Median Sale Price was $1,512,500 up from June's $1,362,500. The median price was up 15.9% from July 2023. There was an 2.7% increase from June in the number of properties going under contract. There were 32 homes listed - down by 5.9% from June's 34 - but up from July 2023's 24. The average sale price to Original List Price was 98.3%, down from June's 103%
Condos, Townhomes and Duplexes Sold
7 attached homes sold in July (down 12.5% from June's 8 ); 11 Average Days on Market - up from June's 4 days; the Median Sale Price was $940,000 down by 15.5 from June's $1,112,500. The median price was up 27.5% from July 2023. There was an 100% increase from June in the number of properties going under contract. There were 10 under contract in July and only 5 in June. There were 9 homes listed, up from June's 6 - and up by 200% from July 2023's 31. The average sale price to Original List Price was 102.9%, down from June's 107.6%
Average marketing time was shorter for single family homes was the same as last month. The marketing time for condos, townhomes and duplexes decreased in July from 22 days to 20.
OVERVIEW
The total sales volume was $80,330,689, up 8.3% from July 2023 and 3.5% from June 2024.
There is 1.8 months of housing supply, which is slightly up from the five year average of 1.5 months. The Potomac housing market continues to be a strong seller’s market for single family homes, condos, townhomes and duplexes.
Keep in mind that with any statistic 1 month of data does not establish a trend. A more accurate picture will result when you watch the Potomac real estate market over time, especially since market conditions vary each month. One should not draw firm conclusions regarding pricing because the values can be skewed significantly by the sale of one property in a month, such as 9827 Avenel Farm Drive which sold for $5,688,000 in April, well above other sales in Potomac that month. In addition, the low inventory leads to a limited number of sales, which also skews the calculations.
Please reach out to me directly or via text at 240-401-5577 with your questions. I’m happy to discuss your personal housing needs, lifestyle, timing and budget. With that information we’ll create a strategy to buy your new Potomac home. I can also provide the important market and equity information, and market preparation guidance, to help sell your Potomac home if that is your plan.
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