The Long & Foster Market Minute

Focus On: North Potomac Housing Market March 2021

Zip Code(s): 20878
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 24%
Vs. Year Ago
Down -64%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -62%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 84 sold this month in North Potomac Real Estate versus 70 last month, an increase of 20%. This month's total units sold was higher than at this time last year, an increase of 24% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 95 units or 64%. The total number of active inventory this March was 53 compared to 148 in March 2020. This month's total of 53 is lower than the previous month's total supply of available inventory of 60, a decrease of 12%.

Median Sale Price
Last March, the median sale price for North Potomac Homes was $465,000. This March, the median sale price was $546,200, an increase of 17% or $81,200 compared to last year. The current median sold price is 5% lower than in February.

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 -14%
Vs. Year Ago
Up 56%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -71%
Vs. Year Ago

Months of Supply
In March, there was 0.6 months of supply available in North Potomac, compared to 2.2 in March 2020. That is a decrease of 71% 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 117 homes newly listed for sale in North Potomac compared to 136 in March 2020, a decrease of 14%. There were 111 current contracts pending sale this March compared to 71 a year ago. The number of current contracts is 56% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in North Potomac was 102.0% of the average list price, which is 2.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 18, lower than the average last year, which was 47, a decrease of 62%.

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.