2022 Vs 2021
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 the Year 2022 versus 2021:
The number of sold listings Decreased 30% to 475 properties with a top sale of $8 million at 9009 Congressional Ct.
The Average Sales Price Increased 9% to $1,400,000 and the Average Price Per Square Foot is $302.
The inventory of properties available for sale is measured in month supply and it Increased 12% to 1.23 month worth of properties for sale.
The end of the year 30-year fixed mortgage rate is at an average rate of 6.6% 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.