Potomac Maryland Real Estate Analysis

History

The land which is now Potomac Village was first settled by Edward Offutt in 1714 after he was granted a 600-acre (2.4 km2) land grant “Clewerwell” by Lord Baltimore. His grant of land was by the Tehogee Indian Trail, an Indian trade route built by the Canaze Indian nation in 1716. Throughout the 18th century, what became known as Offutts Crossroads was a small, rural community which served planters and travelers. In the 19th century, a few small dwellings had been built along with a tavern established in 1820.[4] By the time of the Civil War, the community contained two general stores, a blacksmith shop, and a post office which served a community of 100.

Offutts Crossroads was renamed Potomac in 1881 by John McDonald. An Irishman and veteran of the Civil War, McDonald settled in Potomac around that time. He petitioned for the name change since postal officials were asking for brief names and there were already several other communities in the area with the name “crossroads”.[5]

By the turn of the 20th century, Potomac experienced a period of growth. Thomas Perry, an operator of a nearby general store, built a house on the corner of Falls and River Roads in 1902. More residential structures were built on the northern section of Falls Road throughout the 1920s and 1930s. During the 1950s, Potomac was one of many communities in Montgomery County to experience suburbanization. Potomac quickly transformed from a rural farming community to a suburban community from the mid to late 20th century.

Numerous original buildings within Potomac Village have been demolished for the construction of strip malls and modern office buildings. However, in the surrounding area, many of the old farmhouses remain, though some are confined within suburban developments. The Perry Store has been restored and still stands as part of a bank, although the building was moved 21 feet in 1986 to allow for a project to widen the intersection of Falls and River Roads.
Geography

Potomac’s geographical focal point is Potomac Village, a small cluster of upscale shops and businesses at the intersection of Maryland State Highway 189 (Falls Road, which connects the Great Falls of the Potomac River in the south to Rockville in the north) and Maryland State Highway 190 (River Road, which runs from western Montgomery County into Washington, D.C.). Saint Francis Episcopal Church, two gas stations (Sunoco and British Petroleum), and two grocery stores (Safeway and Giant) serve Potomac Village.

According to the United States Census Bureau, the CDP has a total area of 26.6 square miles (69 km2). 25.2 square miles (65 km2) of it is land and 1.4 square miles (3.6 km2) of it (5.20%) is water. It includes the ZIP Code 20854 for properties and 20859 for US Post Office Boxes.
Demographics

As of the census[6] of 2000, there were 46,255 people, 15,655 households, and 13,024 families residing in the CDP. The population density was 1,835.5 per square mile (709.4/km²). There were 15,960 housing units at an average density of 633.9 per square mile (244.7/km²). The racial makeup of the CDP was 79.46% White, 3.93% African American, 0.11% Native American, 13.37% Asian, 0.01% Pacific Islander, 0.90% from other races, and 2.22% from two or more races. Hispanic or Latino of any race were 5.38% of the population.

Of the 15,655 households, 38.4% included children under the age of 18, 74.8% were married couples living together, 6.6% had a female householder and 16.8% were non-families. 14.0% of all households were made up of individuals and 5.9% were persons living alone who were 65 or older. The average household size was 2.84 and the average family size was 3.10.

In the CDP, the age distribution was 26.3% under the age of 18, 4.6% from 18 to 24, 21.3% from 25 to 44, 34.0% from 45 to 64 and 13.8% who were 65 or older. The median age was 44. For every 100 females there were 91.6 males. For every 100 females 18 or older there were 87.3 males.

According to a 2007 estimate, the median income for a household in the CDP was $154,370, and the median income for a family was $177,506. Males had a median income of $100,000+ versus $78,442 for females. The per capita income for the CDP was $64,875. About 2.5% of families and 3.3% of the population were below the poverty line, including 3.6% of those under the age of 18 and 3.6% of those 65 and older.

According to a 2012 estimate, the median income was $161,000.

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Potomac Real Estate Market Stats

Average Home Values

Price Distribution


Home Averages

$788,800 Average Price
2,576Avg Home Size
1972Avg Year Built

Owners vs Renters

Local vs National Home Values

 LocalNational
Zillow Home Value Index $830,400 $169,200
Median Single Family Home Value $900,500 $168,700
Median Condo Value $490,900 $173,900
Median 3-Bedroom Home Value $656,400 $162,200
Median 4-Bedroom Home Value $817,400 $271,600
Percent Homes Decreasing 13.2% 21.8%
Percent Listing Price Reduction 28.8% 28.1%
Median List Price Per Sq Ft $328 $108
Median List Price $1,200,000 $199,000
Median Sale Price $788,800 $194,400
Homes For Sale 0 0
Homes Recently Sold 0 0
Property Tax $7,808 $2,080
Turnover (Sold Within Last Yr.) 4.4% 4.2%
Median Value Per Sq Ft $361 $113
1-Yr. Change 3% 5.6%
Homes For Sale By Owner Array Array
New Construction Array Array
Foreclosures Array Array

Local vs National Demographics

 LocalNational
Median Household Income 128,936 44,512
Single Males 8.8% 14.6%
Single Females 9.7% 12.5%
Median Age 39 36
Homes With Kids 38.3% 31.4%
Average Household Size 2 2
Average Commute Time (Minutes) 31 26

Walk Score for Potomac



Potomac School Data

Potomac School Districts

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Potomac Schools

Bells Mill Elementary School
PK-5, public
Beverly Farms Elementary School
K-5, public
Cold Spring Elementary School
K-5, public
Potomac Elementary School
K-5, public
Wayside Elementary School
PK-5, public
Winston Churchill High School
9-12, public
German School Washington DC
PK-12, private
The Bullis School
2-12, private
http://www.bullis.org
Connelly School of the Holy Child
6-12, private
http://www.holychild.org
Our Lady of Mercy School
K-8, private
St. Andrew’s Episcopal School
PK-12, private
http://www.saes.org/
The Heights School
3-12, private
Muslim Community School
PK-12, private
http://www.mymcs.org
The Manor Montessori School
PK-2, private
Washington Hebrew Congregation
PK-2, private
The Fourth Presbyterian School
PK-8, private
http://www.fourthschool.org
St. Francis Episcopal Day School
PK-3, private
http://www.sfeds.org
Georgetown Hill Child Care Center
PK-1, private
McLean School of Maryland
1-12, private
http://www.mcleanschool.org
Lone Oak Montessori School-Democracy Campus
n/a, private
http://www.loneoakmontessori.com/
The Diener School
K-5, private