Good morning! The market segmentation we've been tracking continues to deepen. This week's Montgomery County-wide data confirms what our Weekend Pulse revealed; we're operating in two distinct markets simultaneously. In one, properly priced properties still draw multiple offers and waived contingencies. In the other, overpriced listings accumulate days on market and require repeated price cuts. Please note, I have made a small change to the community section. While ALTOS does an amazing job at market intelligence, it occasionally misses a bit a nuance, so I am adding my take, for each community, as well!
Montgomery County Market Breakdown by Community and Property Type
🏡 Bethesda, MD – Single-Family Homes
Median List Price: $2,097,000 (⬆️ from $2,025,000)
Median Price of New Listings: $1,522,000 (⬇️ from $1,549,000)
Price Per Square Foot: $452 (⬇️ from $455)
Average Days on Market: 76 (⬆️ from 75)
Median Days on Market: 42 (⬆️ from 39)
Price Decreased: 39% (⬇️ from 40%)
Price Increased: 1% (↔️ from 1%)
Relisted: 15% (⬆️ from 14%)
Inventory: 132 (⬆️ from 130)
Median Rent: $5,500 (↔️ from $5,500)
MAI: 42 (⬇️ from 43) (📊 Slight Seller's Advantage)
Market Narrative: Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller's zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.
My Take: The continued price cuts and persistent relist rate suggest downward pressure on pricing.
🏢 Bethesda, MD – Condos/Townhomes
Median List Price: $$436,499 (↔️ from $436,499)
Median Price of New Listings: $1,525,000 (⬆️ from $449,000)
Price Per Square Foot: $356 (↔️ from $356)
Average Days on Market: 69 (⬆️ from 63)
Median Days on Market: 42 (⬆️ from 39)
Price Decreased: 48% (⬆️ from 42%)
Price Increased: 0% (↔️ from 0%)
Relisted: 2% (⬇️ from 8%)
Inventory: 46 (⬇️ from 48)
Median Rent: $$3,020 (⬇️ from $3,029)
MAI: 40 (⬇️ from 41) (📊 Slight Seller's Advantage)
Market Narrative: The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We're already seeing prices move lower as a result.
My Take: While I am anecdotally seeing a bump in activity in my personal business in this area, the increase in marketing time and price reductions are sending clear signals of a softening market.
🏡 Chevy Chase, MD – Single-Family Homes
Median List Price: $2,174,900 (↔️ from $2,174,900)
Median Price of New Listings: $1,829,500 (⬇️ from $1,947,500)
Price Per Square Foot: $536 (↔️ from $536)
Average Days on Market: 94 (⬆️ from 84)
Median Days on Market: 42 (⬆️ from 35)
Price Decreased: 46% (⬆️ from 37%)
Price Increased: 0% (↔️ from 0%)
Relisted: 19% (↔️ from 19%)
Inventory: 52 (↔️ from 52)
Median Rent: $4,995 (⬇️ from $5,148)
MAI: 41 (⬇️ from 42) (📊 Slight Seller's Advantage)
Market Narrative: Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller's zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there.
My Take: The continued price cuts, increase in Days on Market, and persistent relist rate suggest downward pressure on pricing.
🏢 Chevy Chase, MD – Condos/Townhomes
Median List Price: $475,000 (⬇️ from $495,000)
Median Price of New Listings: $233,500 (⬇️ from $550,000)
Price Per Square Foot: $406 (⬇️ from $410)
Average Days on Market: 86 (⬆️ from 78)
Median Days on Market: 63 (⬆️ from 49)
Price Decreased: 43% (⬆️ from 33%)
Price Increased: 0% (↔️ from 0%)
Relisted: 8% (⬇️ from 9%)
Inventory: 75 (⬇️ from 79)
Median Rent: $2,693 (⬆️ from $2,690)
MAI: 31 (↔️ from 31) (📊 Slight Seller's Advantage)
Market Narrative: The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we're in a Seller's Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.
My Take: The continued price cuts, increase in Days on Market, and persistent relist rate suggest downward pressure on pricing.
🏡 Gaithersburg, MD – Single-Family Homes
Median List Price: $912,450 (⬆️ from $897,450)
Median Price of New Listings: $809,500 (⬇️ from $877,000)
Price Per Square Foot: $257 (↔️ from $257)
Average Days on Market: 64 (⬇️ from 66
Median Days on Market: 35 (⬆️ from 28)
Price Decreased: 42% (⬆️ from 38%)
Price Increased: 0% (↔️ from 0%)
Relisted: 9% (⬇️ from 10%)
Inventory: 96 (⬆️ from 92)
Median Rent: $3,250 (⬇️ from $3,475)
MAI: 44 (⬇️ from 45) (📈 Strong Seller's Market)
Market Narrative: In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller's Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
My Take: The continued price cuts, increase in Days on Market, and persistent relist rate suggest downward pressure on pricing.
🏢 Gaithersburg, MD – Condos/Townhomes
Median List Price: $459,450 (⬆️ from $445,000)
Median Price of New Listings: $505,000 (⬆️ from $440,000)
Price Per Square Foot: $274 (⬇️ from $275)
Average Days on Market: 39 (⬇️ from 48)
Median Days on Market: 25 (⬇️ from 28)
Price Decreased: 35% (⬇️ from 38%)
Price Increased: 0% (⬇️ from 1%)
Relisted: 8% (↔️ from 8%)
Inventory: 92 (⬆️ from 72)
Median Rent: $2,250 (⬆️ from $2,126)
MAI: 55 (⬇️ from 57) (📈 Strong Seller's Market)
Market Narrative: The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices.
My Take: We are seeing similar patters but given the spike in inventory was met with decent absorption; this market is comparably strong.
🏡 Germantown, MD – Single-Family Homes
Median List Price: $850,000 (⬆️ from $849,950)
Median Price of New Listings: $799,000 (↔️ from $799,450)
Price Per Square Foot: $252 (⬇️ from $262)
Average Days on Market: 56 (↔️ from 56)
Median Days on Market: 35 (↔️ from 35)
Price Decreased: 42% (⬆️ from 36%)
Price Increased: 0% (↔️ from 0%)
Relisted: 6% (⬇️ from 7%)
Inventory: 31 (⬆️ from 28)
Median Rent: $2,700 (⬆️ from $2,650)
MAI: 54 (⬇️ from 56) (📈 Strong Seller's Market)
Market Narrative: The market has started cooling and prices have recently plateaued. Since we're in the Seller's zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.
My Take: The increasing price cuts and persistent relist rate suggest downward pressure on pricing.
🏢 Germantown, MD – Condos/Townhomes
Median List Price: $335,000 (⬇️ from $339,000)
Median Price of New Listings: $332,499 (⬇️ from $420,000)
Price Per Square Foot: $260 (⬆️ from $258)
Average Days on Market: 43 (↔️ from 43)
Median Days on Market: 28 (↔️ from 28)
Price Decreased: 42% (⬆️ from 40%)
Price Increased: 3% (⬆️ from 1%)
Relisted: 8% (↔️ from 8%)
Inventory: 77 (↔️ from 77)
Median Rent: $2,001 (⬆️ from $1,995)
MAI: 57 (↔️ from 57) (📈 Strong Seller's Market)
Market Narrative: The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we're in a Seller's Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.
My Take: While we are seeing similar patterns in the metrics, this is a fairly strong market. Absorption met or beat new listings in 3 of 4 quartiles.
🏡 Kensington, MD – Single-Family Homes
Median List Price: $1,087,500 (⬇️ from $1,125,000)
Median Price of New Listings: $1,296,250 (⬆️ from $1,072,500)
Price Per Square Foot: $374 (⬇️ from $389)
Average Days on Market: 60 (⬆️ from 52)
Median Days on Market: 42 (⬆️ from 35)
Price Decreased: 39% (⬆️ from 35%)
Price Increased: 0% (↔️ from 0%)
Relisted: 17% (⬆️ from 8%)
Inventory: 36 (⬇️ from 37)
Median Rent: $4,075 (⬇️ from $4,200)
MAI: 46 (⬇️ from 47) (📈 Strong Seller's Market)
Market Narrative: The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. However, the market is still notably in the Seller's zone so we haven't yet seen prices move lower as a result. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer's zone.
My Take: I believe a lot of the price decreases in the metric above were related to aspirational pricing. Everything I am seeing in my personal business and conversations with agents and lenders in this market seem to indicate a fairly strong buyer interest, but the next couple of weeks should be telling.
🏡 Poolesville, MD – Single-Family Homes
Median List Price: $1,049,000 (↔️ from $1,049,000)
Median Price of New Listings: N/A (no new listings)
Price Per Square Foot: $255 (↔️ from $255)
Average Days on Market: 111 (⬆️ from 104)
Median Days on Market: 42 (⬆️ from 35)
Price Decreased: 27% (↔️ from 27%)
Price Increased: 0% (↔️ from 0%)
Relisted: 0% (↔️ from 0%)
Inventory: 11 (↔️ from 11)
Median Rent: $3,500 (↔️ from $3,500)
MAI: 39 (⬇️ from 42) (📊 Slight Seller's Advantage)
Market Narrative: Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller's market so watch for upward pricing pressure in the near future if the trend continues.
My Take: Note: MAI actually declined from 42 to 39, so not "moving higher" and with zero new listings this week, the market appears stagnant rather than heating up.
🏡 Potomac, MD – Single-Family Homes
Median List Price: $1,875,000 (↔️ from $1,875,000)
Median Price of New Listings: $1,359,000 (⬇️ from $1,390,000)
Price Per Square Foot: $356 (↔️ from $356)
Average Days on Market: 74 (⬆️ from 70)
Median Days on Market: 35 (↔️ from 35)
Price Decreased: 30% (⬇️ from 34%)
Price Increased: 0% (↔️ from 0%)
Relisted: 8% (⬆️ from 6%)
Inventory: 84 (⬆️ from 82)
Median Rent: $5,338 (↔️ from $5,500)
MAI: 41 (⬇️ from 43) (📊 Slight Seller's Advantage)
Market Narrative: The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We're already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer's zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
My Take: For Potomac, your quartiles matter! At the $3,495,000 medium price we see 84 days on market. That drops to 42 at the $2,200,000 price point. $1,699,000 we are down to 28 days. And when we get down to the $1,249,000 price point we are at a blazing 7 days on Market! Fox Hills West, I’m looking at you!
🏡 Rockville, MD – Single-Family Homes
Median List Price: $874,000 (⬆️ from $854,495)
Median Price of New Listings: $749,000 (⬆️ from $674,500)
Price Per Square Foot: $342 (⬇️ from $351)
Average Days on Market: 48 (⬇️ from 50)
Median Days on Market: 28 (↔️ from 28)
Price Decreased: 51% (⬆️ from 44%)
Price Increased: 1% (↔️ from 1%)
Relisted: 8% (⬇️ from 9%)
Inventory: 80 (⬆️ from 78)
Median Rent: $3,500 (⬆️ from $3,450)
MAI: 55 (⬆️ from 54) (📈 Strong Seller's Market)
Market Narrative: The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we're in a Seller's Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.
My Take Note: With 51% of listings requiring price cuts, one of the highest in Montgomery County, the "Strong Seller's Market" designation seems increasingly theoretical.
🏢 Rockville, MD – Condos/Townhomes
Median List Price: $455,000 (⬆️ from $446,950)
Median Price of New Listings: $598,000 (⬆️ from $385,000)
Price Per Square Foot: $344 (⬆️ from $341)
Average Days on Market: 60 (⬇️ from 62)
Median Days on Market: 35 (⬆️ from 32)
Price Decreased: 31% (⬇️ from 36%)
Price Increased: 2% (↔️ from 2%)
Relisted: 10% (⬆️ from 8%)
Inventory: 153 (⬆️ from 146)
Median Rent: $2,575 (⬆️ from $2,573)
MAI: 42 (⬆️ from 41) (📊 Slight Seller's Advantage)
Market Narrative: In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller's Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
My Take: This market which has been consistently strong has plateaued for now; I’m keeping an eye on days on market and price decreases.
🏡 Silver Spring, MD – Single-Family Homes
Median List Price: $685,000 (⬆️ from $679,000)
Median Price of New Listings: $699,500 (⬆️ from $684,500)
Price Per Square Foot: $316 (↔️ from $316)
Average Days on Market: 51 (⬆️ from 47)
Median Days on Market: 28 (⬆️ from 21)
Price Decreased: 37% (⬇️ from 40%)
Price Increased: 1% (↔️ from 1%)
Relisted: 8% (⬆️ from 7%)
Inventory: 163 (⬆️ from 153)
Median Rent: $3,100 (↔️ from $3,100)
MAI: 53 (⬇️ from 54) (📈 Strong Seller's Market)
Market Narrative: The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we're in the Seller's zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.
My Take: This market is slow but steady. We see similar trends but absorption is generally keeping up with supply.
🏢 Silver Spring, MD – Condos/Townhomes
Median List Price: $265,000 (⬇️ from $264,999)
Median Price of New Listings: $305,000 (⬆️ from $265,000)
Price Per Square Foot: $245 (⬇️ from $246)
Average Days on Market: 79 (⬆️ from 77)
Median Days on Market: 56 (↔️ from 56)
Price Decreased: 42% (⬇️ from 44%)
Price Increased: 2% (↔️ from 2%)
Relisted: 7% (⬆️ from 6%)
Inventory: 171 (⬆️ from 152)
Median Rent: $1,962 (⬇️ from $1,973)
MAI: 44 (↔️ from 44) (📊 Slight Seller's Advantage)
Market Narrative: Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller's market so watch for upward pricing pressure in the near future if the trend continues.
My Take Note: MAI has been flat at 44, not "moving higher" and with 56-day median DOM, the market shows more stagnation than strength.
Key Takeaways
📊 Selective Competition Confirmed: Our Weekend Pulse observation of 43% multiple offers aligns perfectly with the data, Bethesda single-family shows extreme performance gaps with luxury homes sitting 77 days while entry-level sells in 21.
⏱️ June Momentum Stalls: Chevy Chase condos saw median DOM jump from 49 to 56 days week-over-week, while 10 of 14 segments showed increasing or elevated marketing times during what should be peak season.
✂️ Price Cuts Hit Critical Mass: Rockville single-family reached 51% price reductions. Chevy Chase single-family surged from 37% to 46% in just one week, confirming sellers are finally facing market reality.
🔄 Persistent Relisting Rates: Chevy Chase single-family maintained 19% relist rate for second consecutive week, while Kensington doubled from 8% to 17%, highlighting chronic pricing disconnects.
Looking Ahead
This week's data confirms June 2025 continues to defy seasonal patterns. The 57% of buyers waiving inspections perfectly illustrates the selective market dynamic; when buyers find the right property among the 43% drawing multiple offers, they compete aggressively. This is at its heart, strategic selectivity.
The extreme performance variance within communities means success increasingly depends on accurate initial pricing. With buyers walking away from overpriced listings but competing fiercely for well-positioned properties; sellers should avoid aspirational pricing.
Ready to Navigate This Precision Market?
For Buyers: In this selective market, preparation is power. Get early access to new listings that meet your criteria: https://zenlist.com/a/corey.feldman
For Sellers: With 40%+ of listings requiring price cuts, accurate initial pricing is critical. Get your data-driven market analysis: https://bit.ly/dcmetrocma
Questions about these shifting dynamics? Let's discuss your specific situation at 301-564-3058.
Share this post