We looked at Potomac MD, zip code 20854. Potomac as a whole has been a difficult market over the past couple of years. Lots of people who bought 20-30 years ago when they had kids in school are now empty nesters. They’d like to be in a more “walk to” location. The problem is that the younger buyers are interested in being in those same locations, most of those younger buyers don’t want 1-2 acres of land and 6000 sf of house, and all of the demands that go with both of them. Demand is down and prices are softening. Many people would say that Potomac is a tough market, but it really depends on the price range. Look at these 2 charts:
To give you a bit of perspective, the National Association of Realtors says that 6 months of inventory is a “ balanced” market. My opinion is that the DC area has a lower threshold of 4-5 months for a balanced market. DC is more active and fluid than many other parts of the country.
As things stand, the 800-999K price range is a strong seller’s market, with 2 months worth of inventory and an average of ??? days on market in 2018. The 1.0-2.5 million range, not so much. With 7.5 months of inventory it is solidly in buyer’s market territory, Those sellers should be prepared to wait for a while to get their house sold.