Market Monday: November 11, 2024
This week's market data captures a period of strategic pause, as buyers and sellers navigated pre-election uncertainty and anticipated the Federal Reserve meeting. In our latest Weekend Market Pulse (which you can read in full here), we saw average offers per property drop to 0.8 from 1.6, with multiple-offer situations declining to 43%. Yet remarkably, even amid this softening, we saw no below-list offers at RLAH for the second consecutive week – suggesting that while fewer buyers may be actively searching, limited inventory and consistent competition for well-priced properties continues to maintain offer prices.
The inspection data tells its own story of market segmentation, with a sharp rise in no-inspection offers (to 43%) while other buyers opt for full inspections, suggesting two distinct approaches to securing properties.
With both the election and Fed's rate cut now behind us, we expect to see an immediate pop in activity this week and potentially next, followed by another surge during the first full week after Thanksgiving, before we fully enter the typical winter slowdown
Let’s dive into this week’s data to see how these developments are impacting our local neighborhoods.
🏡 Bethesda, MD - Single-Family Homes
Median List Price: $2,690,000
Median Price of New Listings: $1,175,000
Price Per Square Foot: $472
Average Days on Market: 86
Median Days on Market: 56
Price Decreased: 30% ⬇️
Price Increased: 1% ⬆️
Relisted: 10%
Inventory: 81
Median Rent: $4,550
Market Action Index (MAI): 48 (📊 Slight Seller's Advantage)
Market Analysis:
Bethesda's single-family home market shows a slight seller's advantage with an MAI of 48. The median list price stands at a robust $2,690,000, reflecting the high-end nature of the area. Inventory has decreased to 81 homes, which may increase competition among buyers. However, 30% of listings have decreased their prices, indicating that sellers should be strategic with pricing. Properties are spending an average of 86 days on the market, suggesting buyers have more time to make decisions.
🏢 Bethesda, MD - Condos/Townhomes
Median List Price: $498,000
Median Price of New Listings: $269,900
Price Per Square Foot: $369
Average Days on Market: 60
Median Days on Market: 42
Price Decreased: 33% ⬇️
Price Increased: 4% ⬆️
Relisted: 7%
Inventory: 27
Median Rent: $3,000
Market Action Index (MAI): 52 (📈 Strong Seller’s Market)
Market Analysis:
The condo and townhome market in Bethesda remains a strong seller's market with an MAI of 52. Despite this, the market has been cooling, with increasing inventory now at 27 units and 33% of listings experiencing price decreases. Sellers should price competitively to attract buyers, while buyers may find opportunities due to the cooling market.
🏡 Chevy Chase, MD - Single-Family Homes
Median List Price: $3,147,500
Median Price of New Listings: $0
Price Per Square Foot: $613
Average Days on Market: 82
Median Days on Market: 56
Price Decreased: 44% ⬇️
Price Increased: 0%
Relisted: 12%
Inventory: 34
Median Rent: $4,500
Market Action Index (MAI): 39 (📊 Slight Seller's Advantage)
Market Analysis:
Chevy Chase's single-family home market shows a slight seller's advantage with an MAI of 39. The median list price is a substantial $3,147,500. Inventory has decreased to 34 homes. With 44% of listings decreasing prices and an average of 82 days on market, sellers should be mindful of pricing strategies. Buyers have more negotiating power in this market segment.
🏢 Chevy Chase, MD - Condos/Townhomes
Median List Price: $630,000
Median Price of New Listings: $335,950
Price Per Square Foot: $477
Average Days on Market: 70
Median Days on Market: 35
Price Decreased: 46% ⬇️
Price Increased: 2% ⬆️
Relisted: 4%
Inventory: 48
Median Rent: $2,895
Market Action Index (MAI): 35 (📊 Slight Seller's Advantage)
Market Analysis:
The condo and townhome market in Chevy Chase is experiencing a slight seller's advantage with an MAI of 35. Inventory has increased to 48 units, providing buyers with more options. A significant 46% of listings have decreased prices, and properties are spending an average of 70 days on the market. Sellers need to be competitive with pricing, while buyers may find favorable conditions.
🏡 Gaithersburg, MD - Single-Family Homes
Median List Price: $887,000
Median Price of New Listings: $859,900
Price Per Square Foot: $268
Average Days on Market: 86
Median Days on Market: 42
Price Decreased: 31% ⬇️
Price Increased: 2% ⬆️
Relisted: 6%
Inventory: 62
Median Rent: $2,950
Market Action Index (MAI): 53 (📈 Strong Seller’s Market)
Market Analysis:
Gaithersburg's single-family home market remains a strong seller's market with an MAI of 53. The median list price is $887,000. Inventory has decreased to 62 homes, maintaining competitive conditions. With 31% of listings decreasing prices, sellers should price thoughtfully. Buyers may find opportunities among homes with recent price reductions.
🏢 Gaithersburg, MD - Condos/Townhomes
Median List Price: $445,000
Median Price of New Listings: $450,000
Price Per Square Foot: $294
Average Days on Market: 41
Median Days on Market: 28
Price Decreased: 37% ⬇️
Price Increased: 4% ⬆️
Relisted: 7%
Inventory: 57
Median Rent: $2,034
Market Action Index (MAI): 69 (🔥 Strong Seller’s Market)
Market Analysis:
The condo and townhome market in Gaithersburg is highly competitive, with an MAI of 69 indicating a strong seller's market. Inventory has increased to 57 units, but demand remains high. With 37% of listings experiencing price decreases, sellers should still price appropriately. Buyers should act quickly in this fast-moving market.
🏡 Germantown, MD - Single-Family Homes
Median List Price: $839,900
Median Price of New Listings: $699,999
Price Per Square Foot: $268
Average Days on Market: 55
Median Days on Market: 56
Price Decreased: 52% ⬇️
Price Increased: 5% ⬆️
Relisted: 10%
Inventory: 21
Median Rent: $2,475
Market Action Index (MAI): 58 (📈 Strong Seller’s Market)
Market Analysis:
Germantown's single-family home market is a strong seller's market with an MAI of 58. Inventory has decreased to 21 homes, intensifying competition. Over half of the listings (52%) have decreased prices, suggesting sellers should be cautious with pricing. Buyers may find value among homes with price reductions but should act swiftly due to limited inventory.
🏢 Germantown, MD - Condos/Townhomes
Median List Price: $360,000
Median Price of New Listings: $374,950
Price Per Square Foot: $271
Average Days on Market: 38
Median Days on Market: 32
Price Decreased: 33% ⬇️
Price Increased: 3% ⬆️
Relisted: 1%
Inventory: 70
Median Rent: $1,967
Market Action Index (MAI): 62 (📈 Strong Seller’s Market)
Market Analysis:
The condo and townhome market in Germantown remains robust with an MAI of 62. Inventory has increased to 70 units, but demand continues to outpace supply. With 33% of listings decreasing prices, sellers should price competitively. Buyers should be prepared to act quickly in this active market.
🏡 Kensington, MD - Single-Family Homes
Median List Price: $969,999
Median Price of New Listings: $975,000
Price Per Square Foot: $390
Average Days on Market: 58
Median Days on Market: 28
Price Decreased: 43% ⬇️
Price Increased: 0%
Relisted: 13%
Inventory: 23
Median Rent: $3,325
Market Action Index (MAI): 55 (📈 Strong Seller’s Market)
Market Analysis:
Kensington's single-family home market continues to be a strong seller's market with an MAI of 55. Inventory remains low at 23 homes. With 43% of listings decreasing prices, sellers should be strategic in setting prices. Homes are moving relatively quickly, with a median of 28 days on market. Buyers should be ready to act when desirable properties become available.
🏡 Potomac, MD - Single-Family Homes
Median List Price: $2,595,000
Median Price of New Listings: $2,200,000
Price Per Square Foot: $361
Average Days on Market: 117
Median Days on Market: 70
Price Decreased: 30% ⬇️
Price Increased: 0%
Relisted: 11%
Inventory: 53
Median Rent: $5,288
Market Action Index (MAI): 47 (📊 Slight Seller's Advantage)
Market Analysis:
Potomac's luxury single-family home market shows a slight seller's advantage with an MAI of 47. The median list price is a significant $2,595,000. Inventory has held steady at 53 homes. With 30% of listings experiencing price decreases and properties spending an average of 117 days on market, sellers should be mindful of pricing and market trends. Buyers have more leverage in negotiations and may find opportunities among homes with price reductions.
🏡 Rockville, MD - Single-Family Homes
Median List Price: $749,900
Median Price of New Listings: $669,000
Price Per Square Foot: $368
Average Days on Market: 48
Median Days on Market: 35
Price Decreased: 35% ⬇️
Price Increased: 6% ⬆️
Relisted: 12%
Inventory: 49
Median Rent: $3,449
Market Action Index (MAI): 67 (🔥 Strong Seller’s Market)
Market Analysis:
Rockville's single-family home market is highly competitive with an MAI of 67, indicating a strong seller's market. Inventory has decreased to 49 homes. With 35% of listings decreasing prices, sellers should price accurately to attract offers. Homes are selling relatively quickly, with a median of 35 days on market. Buyers should be prepared to act swiftly.
🏢 Rockville, MD - Condos/Townhomes
Median List Price: $481,950
Median Price of New Listings: $529,000
Price Per Square Foot: $331
Average Days on Market: 62
Median Days on Market: 42
Price Decreased: 32% ⬇️
Price Increased: 8% ⬆️
Relisted: 9%
Inventory: 100
Median Rent: $2,502
Market Action Index (MAI): 43 (📊 Slight Seller's Advantage)
Market Analysis:
The condo and townhome market in Rockville shows a slight seller's advantage with an MAI of 43. Inventory has increased to 100 units, providing buyers with more choices. Despite the increased MAI, 32% of listings have decreased prices, and properties are spending an average of 62 days on the market. Sellers need to be competitive with pricing, while buyers can take advantage of the broader selection.
🏡 Silver Spring, MD - Single-Family Homes
Median List Price: $699,900
Median Price of New Listings: $649,950
Price Per Square Foot: $317
Average Days on Market: 64
Median Days on Market: 35
Price Decreased: 47% ⬇️
Price Increased: 2% ⬆️
Relisted: 7%
Inventory: 148
Median Rent: $3,000
Market Action Index (MAI): 55 (📈 Strong Seller’s Market)
Market Analysis:
Silver Spring's single-family home market remains active with an MAI of 55, indicating a strong seller's market. Inventory has decreased to 148 homes. Nearly half of the listings (47%) have decreased prices, suggesting sellers should be attentive to pricing strategies. Homes are spending an average of 64 days on the market, providing buyers with some time to make decisions.
🏢 Silver Spring, MD - Condos/Townhomes
Median List Price: $319,950
Median Price of New Listings: $327,000
Price Per Square Foot: $269
Average Days on Market: 55
Median Days on Market: 28
Price Decreased: 31% ⬇️
Price Increased: 2% ⬆️
Relisted: 9%
Inventory: 128
Median Rent: $1,984
Market Action Index (MAI): 51 (📈 Strong Seller’s Market)
Market Analysis:
The condo and townhome market in Silver Spring continues to favor sellers with an MAI of 51. Inventory has increased to 128 units. With 31% of listings decreasing prices and properties spending an average of 55 days on the market, sellers should price competitively. Buyers have a good selection but should be prepared to act when they find the right property.
📌 Key Takeaways
Recent Hesitation Reflects External Factors: Last week's data reflects buyers awaiting election results and Fed decisions rather than fundamental market changes. The maintenance of at-list and above-list offers, despite fewer overall offers, indicates underlying market stability.
Supply-Demand Balance Continues: While buyer activity temporarily softened, limited inventory levels continue to drive competition for well-priced properties, maintaining offer strength even with fewer active buyers.
Activity Rebound Timeline: We anticipate two distinct waves of increased activity - first this week and potentially next as post-election clarity emerges, then another surge during the first full week after Thanksgiving, before the winter slowdown takes hold.
Price Sensitivity by Segment: Higher-end markets are showing increased price sensitivity, with 30-44% of listings seeing adjustments. Meanwhile, more moderately priced areas maintain stronger seller's market conditions, particularly in the condo/townhouse segment.
Inspection Strategy Evolution: The rise in no-inspection offers alongside traditional full inspections indicates a market of strategic extremes – buyers are either moving aggressively or taking a more measured approach based on their specific situations.
Strategic Implications:
For Sellers: The upcoming waves of activity offer prime windows for well-priced properties. While inventory remains limited, proper pricing remains crucial to attract serious buyers.
For Buyers: The combination of rate adjustments and anticipated market surges creates multiple opportunity windows, but limited inventory means well-priced properties will still attract competition.
🎯 Bottom Line: Last week's market softness reflects a strategic pause rather than a fundamental shift. With major uncertainties now resolved and inventory remaining limited, we're positioned for two distinct (but likely short lived) waves of increased activity before the winter slowdown (early to mid December). Success in this market will depend on understanding these timing windows and your specific submarket dynamics.
Need specific guidance for your situation? Contact us at 301-564-3058 or Corey@FeldmanGroupRe.com.
