Potomac homes for sale market update

In late June of this year, I took a bit of time to look at Potomac homes and wrote about how their median asking prices seemed to be falling.  At that point, median prices for Potomac was around $1.28 million and very close to the lowest values we had seen over the past two years.  I was also concerned in that last blog post of the very likely possibility that we would simply cruise through those lows and set new records for loss of value.

Potomac homes for sale pricing

Sadly, I appear to have been correct.  Not only did we see asking prices of Potomac homes for sale drop below previous lows and kept falling all the way to under $1,250,000, which is about $70,000 less than one year ago and well over six figures under where values were 24 months ago.  I wish that I hadn’t been so correct about that prediction I made about five weeks ago.  But since I made one before, why not make another, right?

Look at the gold line on the graph above, it is the rolling trend line, which averages about 12 data points, and then repeats the process each week.  It gives us a good idea of what has happened, and also let’s us know a little bit about what might happen in the near future.  I would like to see the trend line heading up.  Or even flat.  But that is not what we are seeing.  It is heading down, and at a pretty steep angle.  Which tells me that we should expect to see at least another few weeks of falling prices, so the next time I write about Potomac homes, it’s probably going to be a sad story about falling asking prices.  Again.

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