The Long & Foster Market Minute

Focus On: Potomac Housing Market August 2022

Zip Code(s): 20854
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -18%
Vs. Year Ago
Down -34%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 14%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 62 sold this month in Potomac Real Estate versus 58 last month, an increase of 7%. This month's total units sold was lower than at this time last year, a decrease of 18% versus August 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 29 units or 34%. The total number of active inventory this August was 57 compared to 86 in August 2021. This month's total of 57 is lower than the previous month's total supply of available inventory of 77, a decrease of 26%.

Median Sale Price
Last August, the median sale price for Potomac Homes was $1,150,000. This August, the median sale price was $1,262,500, an increase of 10% or $112,500 compared to last year. The current median sold price is 3% lower than in July.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -44%
Vs. Year Ago
Down -25%
Vs. Year Ago
Down -1%
Vs. Year Ago
Down -19%
Vs. Year Ago

Months of Supply
In August, there was 0.9 months of supply available in Potomac, compared to 1.1 in August 2021. That is a decrease of 19% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 43 homes newly listed for sale in Potomac compared to 77 in August 2021, a decrease of 44%. There were 46 current contracts pending sale this August compared to 61 a year ago. The number of current contracts remained stable as compared to last August.

Sale Price to List Price Ratio
In August, the average sale price in Potomac was 99.3% of the average list price, which is 1.0% lower than at this time last year.

Days on Market
This month, the average number of days on market was 24, higher than the average last year, which was 21, an increase of 14%.

The Long & Foster Market Minute Potomac are defined as properties listed in zip code/s 20854.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.