The Long & Foster Market Minute

Focus On: North Potomac Housing Market December 2022

Zip Code(s): 20878
Units Sold
40
Active Inventory
44
Median Sale Price
$505,000
Days On Market
27
Down
Vs. Year Ago
Down -4%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 13%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 40 sold this month in North Potomac Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 2 units or 4%. The total number of active inventory this December was 44 compared to 46 in December 2021. This month's total of 44 is lower than the previous month's total supply of available inventory of 58, a decrease of 24%.

Median Sale Price
Last December, the median sale price for North Potomac Homes was $569,950. This December, the median sale price was $505,000, a decrease of 11% or $64,950 compared to last year. The current median sold price is 14% lower than in November.

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


New Listings
21
Current Contracts
28
Sold Vs. List Price
101.2%
Months of Supply
1.1
Down -53%
Vs. Year Ago
Down -56%
Vs. Year Ago
Up 0.9%
Vs. Year Ago
Up 124%
Vs. Year Ago

Months of Supply
In December, there was 1.1 months of supply available in North Potomac, compared to 0.5 in December 2021. That is an increase of 125% 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 21 homes newly listed for sale in North Potomac compared to 45 in December 2021, a decrease of 53%. There were 28 current contracts pending sale this December compared to 64 a year ago. The number of current contracts is 56% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in North Potomac was 101.2% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 27, higher than the average last year, which was 24, an increase of 13%.

The Long & Foster Market Minute North Potomac are defined as properties listed in zip code/s 20878.
*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.