HOMESbyRP of eXp Realty / Richard Pearrell
Potomac, MD
Single-Family Homes
https://HOMESbyRP.com GRI, Associate Broker DC, MD, VA & REALTOR® in FL at eXp Realty, LLC / (301) 991-7061 /
Potomac, MD
Thu Nov 21 2024
This week the median list price for Potomac, MD is $2,580,000 with the market action index hovering around 46. This is an increase over last month's market action index of 45. Inventory has decreased to 53.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
The market remains in a relative stasis in terms of sales to inventory and prices have been relatively stable for a few weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $2,580,000 | |
| Median Price of New Listings | $1,875,000 | |
| Per Square Foot | $361 | |
| Average Days on Market | 107 | |
| Median Days on Market | 70 | |
| Price Decreased | 34% | |
| Price Increased | 0% | |
| Relisted | 15% | |
| Inventory | 53 | |
| Median Rent | ||
| Market Action | 46 | |
| Strong Seller's Market | ||
Despite this week’s up tic, the market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this shift.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $4,500,000 | 11,300 | 1 - 2.5 acres | 7 | 8.5 | 20 | 0 | 0 | 98 |
| $3,125,000 | 9,754 | 1 - 2.5 acres | 7 | 7 | 31 | 0 | 2 | 98 |
| $1,995,000 | 6,270 | 1 - 2.5 acres | 5 | 4.5 | 38 | 2 | 1 | 28 |
| $1,352,500 | 3,434 | 0.5 - 1 acre | 5 | 3.8 | 54 | 1 | 1 | 63 |