Welcome to The Stillwell Group Market Update, I’m Lee Stillwell.
If you’re thinking about buying or selling residential real estate, it’s important to understand the current market trends.
According to Bright MLS, the marketplace for Potomac, MD residential properties, here’s what happened in July Vs June 2023:
The number of sold listings decreased by 25% to 45 properties with a top sale of $4.3 million at 9000 Durham Dr.
The Average Sales Price Decreased by 3% to $1.31 million and the Average Price Per Square Foot is $332.
The inventory of properties available for sale is measured in month supply and it increased by 15% to 0.96 month worth of properties for sale.
The 30-year fixed mortgage rate is at an average rate of 6.85% according to Freddiemac.com
If you’re thinking about buying or selling residential real estate now or in the near future, it’s important to seek the guidance and advice of a professional real estate agent.
Thanks for tuning in, we’ll see you in the next Stillwell Group Market Update.