Market Monday: November 25, 2024
Welcome to Market Monday!
As we move into Thanksgiving week, the slight bump in activity we've been anticipating is starting to materialize. Despite the holiday being just days away, the market is showing positive momentum, likely bolstered by limited inventory. This is definitely a good time for buyers, as we're entering the time of year when, statistically, sellers are more likely to accept their lowest offers on a property.
On a personal note, I was able to get a lovely couple under contract this weekend with terms they were very happy with. At the same time, one of my listings that hasn't been getting the attention it deserves saw a marked increase in showings, including a second showing scheduled for today. This uptick in activity suggests that both buyers and sellers can find valuable opportunities in the current market.
However, mortgage rates continue to contribute to market segmentation, affecting buyer behavior across different property types and price points. While parts of this week may be quieter due to holiday travel and plans, the underlying market dynamics remain strong. While I expect the seasonal slowdown to really take hold in early to mid-December, given pent-up buyer demand, I anticipate that transaction volume will be up over last year—as long as rates don't climb too high.
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: $2,745,500
Median Price of New Listings: $1,585,000
Price Per Square Foot: $480
Average Days on Market: 94
Median Days on Market: 70
Price Decreased: 29% ⬇️
Price Increased: 5% ⬆️
Relisted: 10%
Inventory: 78
Median Rent: $4,550
Market Action Index (MAI): 47 (📊 Slight Seller’s Advantage)
Market Analysis:
Bethesda's single-family home market shows a slight seller's advantage with an MAI of 47. The median list price has risen to $2,745,500, indicating strong pricing in the market. Inventory has decreased to 78 homes, which may intensify competition among buyers. With 29% of listings experiencing price decreases, sellers should be strategic in pricing to attract offers. Homes are spending an average of 94 days on the market, providing buyers with some time to make decisions.
🏢 Bethesda, MD - Condos/Townhomes
Median List Price: $575,000
Median Price of New Listings: $830,000
Price Per Square Foot: $430
Average Days on Market: 71
Median Days on Market: 56
Price Decreased: 23% ⬇️
Price Increased: 5% ⬆️
Relisted: 14%
Inventory: 22
Median Rent: $3,000
Market Action Index (MAI): 54 (📈 Strong Seller’s Market)
Market Analysis:
Bethesda's condo and townhome market is experiencing a strong seller's market with an MAI of 54. Inventory has decreased to 22 units, intensifying competition among buyers. Although 23% of listings have decreased prices, the market is tightening. Sellers may expect increasing prices if the trend continues. Buyers should be prepared to act quickly in this active market.
🏡 Chevy Chase, MD - Single-Family Homes
Median List Price: $2,997,500
Median Price of New Listings: $1,525,000
Price Per Square Foot: $606
Average Days on Market: 86
Median Days on Market: 60
Price Decreased: 47% ⬇️
Price Increased: 0%
Relisted: 11%
Inventory: 38
Median Rent: $4,750
Market Action Index (MAI): 38 (📊 Slight Seller’s Advantage)
Market Analysis:
Chevy Chase's single-family home market shows a slight seller's advantage with an MAI of 38, down from last month. Inventory has increased to 38 homes, providing buyers with more options. With 47% of listings decreasing prices and no price increases, sellers should be cautious and strategic with pricing. Homes are spending an average of 86 days on the market, suggesting a slower sales pace. Buyers may have more leverage and should take advantage of the increased inventory.
🏢 Chevy Chase, MD - Condos/Townhomes
Median List Price: $630,000
Median Price of New Listings: $1,099,000
Price Per Square Foot: $473
Average Days on Market: 74
Median Days on Market: 42
Price Decreased: 45% ⬇️
Price Increased: 2% ⬆️
Relisted: 4%
Inventory: 49
Median Rent: $2,885
Market Action Index (MAI): 35 (📊 Slight Seller’s Advantage)
Market Analysis:
Chevy Chase's condo and townhome market shows a slight seller's advantage with an MAI of 35. Inventory has increased to 49 units, giving buyers more choices. Nearly half of the listings (45%) have decreased prices, indicating that sellers should price competitively. Homes are spending an average of 74 days on the market, suggesting a moderate sales pace. Buyers may find opportunities among the increased inventory and price reductions.
🏡 Gaithersburg, MD - Single-Family Homes
Median List Price: $902,450
Median Price of New Listings: $890,000
Price Per Square Foot: $281
Average Days on Market: 89
Median Days on Market: 49
Price Decreased: 30% ⬇️
Price Increased: 0%
Relisted: 5%
Inventory: 56
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. Inventory has decreased to 56 homes, maintaining competitive conditions. With 30% of listings experiencing price decreases and no price increases, sellers should be mindful of pricing strategies. Homes are spending an average of 89 days on the market, suggesting a moderate sales pace. Buyers should act promptly, especially when they find desirable properties.
🏢 Gaithersburg, MD - Condos/Townhomes
Median List Price: $435,000
Median Price of New Listings: $385,450
Price Per Square Foot: $284
Average Days on Market: 39
Median Days on Market: 21
Price Decreased: 33% ⬇️
Price Increased: 2% ⬆️
Relisted: 8%
Inventory: 61
Median Rent: $2,040
Market Action Index (MAI): 67 (🔥 Strong Seller’s Market)
Market Analysis:
Gaithersburg's condo and townhome market is highly competitive with an MAI of 67. Although the MAI has decreased slightly from last month, demand remains high. Inventory has increased to 61 units, but properties are selling quickly with a median of only 21 days on market. With 33% of listings decreasing prices, sellers should price accurately to attract offers. Buyers should be prepared to act swiftly in this fast-paced market.
🏡 Germantown, MD - Single-Family Homes
Median List Price: $854,950
Median Price of New Listings: $632,000
Price Per Square Foot: $294
Average Days on Market: 55
Median Days on Market: 46
Price Decreased: 39% ⬇️
Price Increased: 6% ⬆️
Relisted: 6%
Inventory: 18
Median Rent: $2,525
Market Action Index (MAI): 58 (📈 Strong Seller’s Market)
Market Analysis:
Germantown's single-family home market continues to be a strong seller's market with an MAI of 58. Inventory has decreased to 18 homes, intensifying competition. With 39% of listings decreasing prices and 6% increasing, sellers should price strategically to attract offers. Homes are moving relatively quickly, with a median of 46 days on market. Buyers should be prepared to act swiftly in this active market.
🏢 Germantown, MD - Condos/Townhomes
Median List Price: $354,999
Median Price of New Listings: $339,000
Price Per Square Foot: $269
Average Days on Market: 38
Median Days on Market: 28
Price Decreased: 31% ⬇️
Price Increased: 3% ⬆️
Relisted: 1%
Inventory: 72
Median Rent: $1,980
Market Action Index (MAI): 61 (📈 Strong Seller’s Market)
Market Analysis:
Germantown's condo and townhome market remains robust with an MAI of 61. Inventory has increased to 72 units, but demand continues to outpace supply. With 31% of listings decreasing prices, sellers should price competitively. Properties are spending a median of 28 days on the market, indicating a fast-moving market. Buyers should be ready to act quickly when suitable properties become available.
🏡 Kensington, MD - Single-Family Homes
Median List Price: $969,999
Median Price of New Listings: $1,710,000
Price Per Square Foot: $390
Average Days on Market: 64
Median Days on Market: 35
Price Decreased: 52% ⬇️
Price Increased: 0%
Relisted: 17%
Inventory: 23
Median Rent: $3,150
Market Action Index (MAI): 56 (📈 Strong Seller’s Market)
Market Analysis:
Kensington's single-family home market continues to be a strong seller's market with an MAI of 56. Inventory remains low at 23 homes. With 52% of listings decreasing prices and no price increases, sellers should be strategic with pricing to attract buyers. Homes are spending an average of 64 days on the market, indicating a moderate sales pace. Buyers should be prepared to act when desirable properties become available, especially those with price reductions.
🏡 Potomac, MD - Single-Family Homes
Median List Price: $2,580,000
Median Price of New Listings: $1,875,000
Price Per Square Foot: $361
Average Days on Market: 107
Median Days on Market: 70
Price Decreased: 34% ⬇️
Price Increased: 0%
Relisted: 15%
Inventory: 53
Median Rent: $5,150
Market Action Index (MAI): 46 (📊 Slight Seller’s Advantage)
Market Analysis:
Potomac's luxury single-family home market shows a slight seller's advantage with an MAI of 46. The median list price remains high at $2,580,000. Inventory has decreased to 53 homes, but demand appears stable. With 34% of listings experiencing price decreases and properties spending an average of 107 days on the market, sellers should be mindful of pricing strategies. Buyers have more leverage in negotiations and may find opportunities among homes with price reductions.
🏡 Rockville, MD - Single-Family Homes
Median List Price: $750,000
Median Price of New Listings: $750,000
Price Per Square Foot: $368
Average Days on Market: 51
Median Days on Market: 35
Price Decreased: 39% ⬇️
Price Increased: 5% ⬆️
Relisted: 10%
Inventory: 41
Median Rent: $3,399
Market Action Index (MAI): 66 (🔥 Strong Seller’s Market)
Market Analysis:
Rockville's single-family home market is highly competitive, with an MAI of 66 indicating a strong seller's market. Inventory has decreased to 41 homes, intensifying competition among buyers. With 39% of listings decreasing prices, sellers should price accurately to attract offers. Homes are selling relatively quickly, with a median of 35 days on the market. Buyers should be prepared to act swiftly in this fast-moving market.
🏢 Rockville, MD - Condos/Townhomes
Median List Price: $425,000
Median Price of New Listings: $399,918
Price Per Square Foot: $339
Average Days on Market: 61
Median Days on Market: 42
Price Decreased: 33% ⬇️
Price Increased: 8% ⬆️
Relisted: 11%
Inventory: 103
Median Rent: $2,453
Market Action Index (MAI): 42 (📊 Slight Seller’s Advantage)
Market Analysis:
Rockville's condo and townhome market shows a slight seller's advantage with an MAI of 42. Inventory has increased to 103 units, providing buyers with more choices. With 33% of listings decreasing prices and properties spending an average of 61 days on the market, sellers should price competitively. Buyers may find value among homes with price reductions but should monitor the market closely as conditions are tightening.
🏡 Silver Spring, MD - Single-Family Homes
Median List Price: $699,700
Median Price of New Listings: $549,900
Price Per Square Foot: $309
Average Days on Market: 69
Median Days on Market: 42
Price Decreased: 53% ⬇️
Price Increased: 2% ⬆️
Relisted: 7%
Inventory: 134
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 134 homes. Over half of the listings (53%) have decreased prices, suggesting that sellers should be attentive to pricing strategies. Homes are spending an average of 69 days on the market, providing buyers with some time to make decisions. Buyers should take advantage of price reductions but be prepared to act when they find suitable properties.
🏢 Silver Spring, MD - Condos/Townhomes
Median List Price: $300,000
Median Price of New Listings: $289,450
Price Per Square Foot: $263
Average Days on Market: 52
Median Days on Market: 35
Price Decreased: 37% ⬇️
Price Increased: 2% ⬆️
Relisted: 9%
Inventory: 129
Median Rent: $1,977
Market Action Index (MAI): 52 (📈 Strong Seller’s Market)
Market Analysis:
Silver Spring's condo and townhome market continues to favor sellers with an MAI of 52. Inventory has increased to 129 units. With 37% of listings decreasing prices and properties spending a median of 35 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
Market Activity is Increasing: The anticipated bump is materializing, with more offers and heightened competition.
Seasonal Trends Favor Buyers: Entering the period when sellers are statistically more willing to accept lower offers.
Limited Inventory Drives Competition: Scarcity continues to intensify buyer competition, even with rising mortgage rates.
Market Segmentation Influences Strategies: Diverse tactics are being employed based on property types and price points.
Need More Detail?
For neighborhood-specific insights or personalized analysis:
Call: 301-564-3058
Email: Corey@FeldmanGroupRe.com
Wishing you a Happy Thanksgiving! Stay tuned for more updates, and don't hesitate to reach out with any questions or real estate needs.
