The prices in real estate in Potomac, in the Maryland region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Potomac has increased strongly during the last 6 months. In January, the average price per sq.feet was $630. In the following month the price per sq.feet increased considerably to $2,179. The price for the following two months in (March, April) had a considerable increment of 403 %. The price per sq.feet has had a considerable increase of 247 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $3,535.75 to $8,746.5 during May, and June.
Based upon to the price in Potomac (cities), these have remained the same in the last 6 months. In our first sample month during January, the average price is $1,432,489. In February This price remains at $1,473,339. In the following two months the average price has remained the same with regard to the previous two months from $1,452,914 to $1,477,106. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of $1,465,010 and $1,477,498.5 between May and June.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $1,520,207 they are 47 % more affordable than the average price for Potomac. The properties with the lowest average price have 2 bedrooms, Their price is 15 % cheaper than the average. After that we have properties with 1 bedroom priced at $812,249.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of $154 / sq.feet, with an average $7,042 / sq.feet price in Potomac. The properties with the lowest average prices have 2 bedrooms. They are 69 % cheaper than the average followed by properties with 1 bedroom with a price at $154 / sq.feet.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of $1,520,207 it is 16 % cheaper than the average price in Potomac. "House" is seen as the second most affordable property type. The cheapest type property is "House" followed by "Land". At a price of $1,276,836 it is 15 % more affordable than the average price.
According to the average cost per sq.feet, the cheapest property type is "House" at an average cost of $2,187 / sq.feet followed by "Land" priced at $4,813 / sq.feet. "Land" is the cheapest type of property with a $4,813 / sq.feet value followed by "House" with an average price of $2,187 / sq.feet.