Potomac, MD Market Report – 11/23/09

23 Nov
November 23, 2009
Potomac, Maryland is located within Montgomery County, just northwest of Bethesda and Washington, DC. It owes its name to the Potomac River, which is just to the southwest and divides Maryland and Virginia. The following statistics reflect the latest housing market conditions in Potomac:
  • Homes for sale: 278
  • Closed sales: 36
  • Average sold price: $1,215,001
  • Average days on market: 84

Normally with such a low number of transactions, the average and median sales prices in Potomac fluctuate from month to month and can sometimes be quite confusing. However, the trend is upward moving and has been for over 18 months.

With its close proximity to Washington, DC, the Potomac market stats–like other nearby, wealthier areas–dropped less in percentage during the recession and recovered faster than lower priced and more distant suburbs. The average sales price in Potomac this year is 20% higher than at the same time last year.

If you’re ever in Potomac, Old Angler’s Inn on McArthur Boulevard is a popular restaurant and watering hole with the local residents and hikers from the C&O Canal, which runs parallel along the Potomac river and into the District.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Potomac, and all of the DC Metro: www.averyhess.com

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