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There are currently 4,197 real estate properties in Potomac, MD, with a median automated valuation model (AVM) price of $1,242,722.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Potomac, MD, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Potomac, MD, is $1,396,737.00, with the most expensive house in Potomac, MD, topping out at $49,000,000.00 and the cheapest home in Potomac, MD, clocking in at $195,024.00. In other words, there’s something for every potential homebuyer or savvy investor in Potomac, MD!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Potomac, MD, is on a rollercoaster ride. The average rent price in Potomac, MD, is $4,441.00. Indeed, when looking to rent in Potomac, MD, you can expect to pay as little as $1,480.00 or as much as $7,240.00, with the average rent median estimated to be $4,320.00. The good news is that finding an affordable and desirable property to rent in Potomac, MD -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Potomac is located in Montgomery, Maryland, with an estimated municipal population of 45,940 residents. All of the best foreclosed homes for sale in Potomac are located in the following zip code areas on Foreclosure.com: 20817 20854 20827 20859. The estimated population per square kilometer (.62 miles) in Potomac is 705.
So, about how much do homes cost in Potomac? The most recent median value of resident-owned homes in Potomac is 893,524. An estimated 87.6 percent of households in Potomac own their homes, with an average family size of 3.2. The median household income in Potomac is 195,884, with75.6 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Potomac, the median commute time of resident workers (in minutes) is 33.5. And last, but certainly not least, are you looking for homes to rent in Potomac? If so, the average rent price paid by renters in Potomac is 1,990, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Potomac, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Potomac is 47.4, split between 47.5 percent male versus 52.5 female. The percentage of residents who report being married in Potomac is 66.2, with an average family size of 3.2.
The percentage of residents who report their race in Potomac is as follows:
| White | 68.2% |
| Black / African American | 6.2% |
| Asian | 21.5% |
| American Indian / Alaskan Native | 0% |
| Native Hawaiian / Other Pacifc Islander | 0.1% |
| Multi-racial | 2.8% |
| Other | 1.2% |
Looking for family-friendly neighborhoods in and/or near Potomac? Or maybe you are searching for 55+ active adult communities in and/or near Potomac?
The percentage of residents who report their age in Potomac is as follows:
| Under 10 | 10.1% |
| Aged 10-19 | 16.3% |
| 20s | 6.7% |
| 30s | 7% |
| 40s | 13.9% |
| 50s | 15.8% |
| 60s | 13.5% |
| 70s | 11.2% |
| 80+ | 5.5% |
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Potomac with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Potomac.
How do you know that living in -- or moving to -- Potomac is right where you need to be? Perhaps you grew up in Potomac or already live nearby; therefore, the decision to buy a home in Potomac is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Potomac for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Potomac:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Potomac.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Potomac can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Potomac, meanwhile, can field multiple offers from more qualified buyers.
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