$7,006 Closing Credit*
$590,000
2,035 SqFt
3 Beds
•2 Full Baths, 1 Partial
Zabrine Watson, Listing Office: Compass
Is Potomac Lakes, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Potomac Lakes has remained a Seller's Market.
Key Takeaway
Potomac Lakes is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Potomac Lakes, VA
How much do homes in Potomac Lakes, VA cost?
Median Sold Price
$702,500
$280/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$56,950(+8.8%)
Key Takeaway
Homes in Potomac Lakes have sold for 8.8% more than they did a year ago.
Summary: The median home sold price in Potomac Lakes was $702,500 in October 2024, up 8.8% from last year, and the median price per square foot was $280.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $435K | $451K | +3.7% |
| 3 Bedrooms | $598.5K | $628K | +4.9% |
| 4 Bedrooms | $713K | $832.5K | +16.8% |
| 5+ Bedrooms | $915K | $955K | +4.4% |
Summary: Potomac Lakes housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 16.8%, and 5+ bedroom homes increased by 4.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Cascades | $578K | $654.5K | +13.2% |
| Potomac Lakes | $645.5K | $702.5K | +8.8% |
Housing Supply in Potomac Lakes, VA
How many homes are available in Potomac Lakes, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 15 | 16 | +6.7% |
Summary: The Potomac Lakes real estate market had 16 homes for sale in October 2024, a 6.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 7 | 7 | 0.0% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Potomac Lakes housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 5 | 7 | +40.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Potomac Lakes, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Potomac Lakes in October 2024, up by 40.0% month-over-month. Of the 7 sold homes, 43% were sold under asking, 14% were sold at asking, and 43% were sold over asking.
Days on Market for Potomac Lakes, VA
How long does it take to sell a home in Potomac Lakes, VA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 11 Days | 18 Days | +54.3% |
Summary: Homes in Potomac Lakes had an average of 18 days on market in Oct 2024, up by 54.3% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Potomac Lakes are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 7 homes were sold in Potomac Lakes; 71% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
