Good morning! Quick note, apologies for getting this out a day late. My wife's out of town and I've had my hands full with the kids!
Our Weekend Market Pulse showed an interesting shift: while more properties are seeing competition (50% vs 43% last week), that competition is cooling with an average of just 0.9 offers per property compared to 1.2 last week. Half of buyers continue waiving inspections when they find the right home, and pricing outcomes remain seller-favorable with 90% of contracts at or above list price. This week's data reveals how this selective competition is playing out across Montgomery County's diverse submarkets.
Montgomery County Market Breakdown by Community and Property Type
🏡 Bethesda, MD – Single-Family Homes
Median List Price: $2,050,000 (⬇️ from $2,097,000)
Median Price of New Listings: $1,621,900 (⬆️ from $1,522,000)
Price Per Square Foot: $447 (⬇️ from $452)
Average Days on Market: 74 (⬇️ from 76)
Median Days on Market: 42 (↔️ from 42)
Price Decreased: 33% (⬇️ from 39%)
Price Increased: 1% (↔️ from 1%)
Relisted: 14% (⬇️ from 15%)
Inventory: 151 (⬆️ from 132)
Median Rent: $5,400 (⬇️ from $5,500)
MAI: 31 (⬇️ from 42) (📊 Slight Seller's Advantage)
Market Narrative: The market has been at a stasis point in terms of sales to inventory. However, prices seem to continue to fall a bit. Technically supply levels indicate this is a Seller's market so it is likely that the downward pricing pressure will be light or variable.
My Take: The pace a property sells is quartile specific. Properties with a medium price of $1,150,000 go in 22 days. But go to $1,759,950 and the days on market double. At $3,662,500 DOM is 84. That said there is clear signs of weakness given that even in the bottom quartile absorption is not keeping up with new listing, hence the downward pressure on pricing.
🏢 Bethesda, MD – Condos/Townhomes
Median List Price: $434,750 (⬇️ from $436,499)
Median Price of New Listings: $434,750 (⬇️ from $1,525,000)
Price Per Square Foot: $345 (⬇️ from $356)
Average Days on Market: 53 (⬇️ from 69)
Median Days on Market: 42 (↔️ from 42)
Price Decreased: 42% (⬇️ from 48%)
Price Increased: 0% (↔️ from 0%)
Relisted: 2% (↔️ from 2%)
Inventory: 48 (⬆️ from 46)
Median Rent: $3,030 (⬆️ from $3,020)
MAI: 45 (⬆️ from 40) (📈 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. We're already seeing prices move lower as a result.
My Take: The improved DOM and reduced price cuts suggest stabilization. Additionally absorption met inventory in 3 of 4 quartiles.
🏡 Chevy Chase, MD – Single-Family Homes
Median List Price: $2,199,800 (⬆️ from $2,174,900)
Median Price of New Listings: $2,485,000 (⬆️ from $1,829,500)
Price Per Square Foot: $540 (⬆️ from $536)
Average Days on Market: 90 (⬇️ from 94)
Median Days on Market: 42 (↔️ from 42)
Price Decreased: 40% (⬇️ from 46%)
Price Increased: 0% (↔️ from 0%)
Relisted: 16% (⬇️ from 19%)
Inventory: 57 (⬆️ from 52)
Median Rent: $5,300 (⬆️ from $4,995)
MAI: 22 (⬇️ from 41) (📊 Slight Buyer's Advantage)
Market Narrative: In the last few weeks, the market has been at a stasis point in terms of sales to inventory. However, prices seem to continue to fall a bit.
My Take: The MAI plummeting from 41 to 22 marks Chevy Chase's shift to a buyer's market! Despite aggressive new listing pricing, 40% still require cuts.
🏢 Chevy Chase, MD – Condos/Townhomes
Median List Price: $465,000 (⬇️ from $475,000)
Median Price of New Listings: $306,500 (⬆️ from $233,500)
Price Per Square Foot: $401 (⬇️ from $406)
Average Days on Market: 84 (⬇️ from 86)
Median Days on Market: 49 (⬇️ from 63)
Price Decreased: 42% (⬇️ from 43%)
Price Increased: 0% (↔️ from 0%)
Relisted: 10% (⬆️ from 8%)
Inventory: 71 (⬇️ from 75)
Median Rent: $2,765 (⬆️ from $2,693)
MAI: 40 (⬆️ from 31) (📊 Slight Seller's Advantage)
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.
My Take: The improved DOM and rising MAI suggest renewed activity, but the increased relist rate and persistent 42% price cuts indicate ongoing pricing challenges. That said absorption is generally outpacing inventory so I wouldn’t be surprised to see a rebound in next weeks numbers.
🏡 Gaithersburg, MD – Single-Family Homes
Median List Price: $889,000 (⬇️ from $912,450)
Median Price of New Listings: $874,900 (⬆️ from $809,500)
Price Per Square Foot: $257 (↔️ from $257)
Average Days on Market: 70 (⬆️ from 64)
Median Days on Market: 42 (⬆️ from 35)
Price Decreased: 40% (⬇️ from 42%)
Price Increased: 1% (⬆️ from 0%)
Relisted: 11% (⬆️ from 9%)
Inventory: 87 (⬇️ from 96)
Median Rent: $3,200 (⬇️ from $3,250)
MAI: 65 (⬆️ from 44) (📈 Strong Seller's Market)
Market Narrative: The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks.
My Take: Despite the strong MAI jump, increasing DOM and relist rates suggest buyers remain selective. The market shows conflicting signals, that said absorption is outpacing inventory in all 4 quartiles and the bottom two show days on market at under 30 days.
🏢 Gaithersburg, MD – Condos/Townhomes
Median List Price: $464,450 (⬆️ from $459,450)
Median Price of New Listings: $480,000 (⬇️ from $505,000)
Price Per Square Foot: $274 (↔️ from $274)
Average Days on Market: 37 (⬇️ from 39)
Median Days on Market: 21 (⬇️ from 25)
Price Decreased: 33% (⬇️ from 35%)
Price Increased: 0% (↔️ from 0%)
Relisted: 4% (⬇️ from 8%)
Inventory: 92 (↔️ from 92)
Median Rent: $2,250 (↔️ from $2,250)
MAI: 61 (⬆️ from 55) (📈 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: The improving metrics across the board, faster sales, fewer price cuts, reduced relisting, confirm genuine market strength here. Moreover 3 of 4 quartiles absorption outpaced inventory, and the one quartile that didn’t stilled averaged only 14 days on market!
🏡 Germantown, MD – Single-Family Homes
Median List Price: $850,000 (↔️ from $850,000)
Median Price of New Listings: $800,000 (⬆️ from $799,000)
Price Per Square Foot: $269 (⬆️ from $252)
Average Days on Market: 48 (⬇️ from 56)
Median Days on Market: 28 (⬇️ from 35)
Price Decreased: 34% (⬇️ from 42%)
Price Increased: 0% (↔️ from 0%)
Relisted: 9% (⬆️ from 6%)
Inventory: 35 (⬆️ from 31)
Median Rent: $2,598 (⬇️ from $2,700)
MAI: 33 (⬇️ from 54) (📊 Slight Seller's Advantage)
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.
My Take: The dramatic MAI drop from 54 to 33 signals significant demand deterioration, though improved DOM suggests properly priced homes still move.
🏢 Germantown, MD – Condos/Townhomes
Median List Price: $340,000 (⬆️ from $335,000)
Median Price of New Listings: $399,900 (⬆️ from $332,499)
Price Per Square Foot: $264 (⬆️ from $260)
Average Days on Market: 45 (⬆️ from 43)
Median Days on Market: 28 (↔️ from 28)
Price Decreased: 42% (↔️ from 42%)
Price Increased: 1% (⬇️ from 3%)
Relisted: 7% (⬇️ from 8%)
Inventory: 73 (⬇️ from 77)
Median Rent: $2,011 (⬆️ from $2,001)
MAI: 73 (⬆️ from 57) (📈 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.
My Take: The strong MAI surge to 73 contradicts the narrative, this market shows genuine heat with aggressive new listing pricing up 20% week-over-week. Not to mention absorption in all 4 quartiles met or meet or beat inventory!
🏡 Kensington, MD – Single-Family Homes
Median List Price: $1,087,500 (↔️ from $1,087,500)
Median Price of New Listings: $759,000 (⬇️ from $1,296,250)
Price Per Square Foot: $363 (⬇️ from $374)
Average Days on Market: 72 (⬆️ from 60)
Median Days on Market: 46 (⬆️ from 42)
Price Decreased: 35% (⬇️ from 39%)
Price Increased: 0% (↔️ from 0%)
Relisted: 18% (⬆️ from 17%)
Inventory: 34 (⬇️ from 36)
Median Rent: $4,075 (↔️ from $4,075)
MAI: 48 (⬆️ from 46) (📈 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.
My Take: The persistent 18% relist rate confirms ongoing pricing disconnects but I am seeing more strength than Altos is here. Specifically 3 of 4 quartiles, absorption outpaced inventory and the only one that didn’t had a fast 14 days on market.
🏡 Poolesville, MD – Single-Family Homes
Median List Price: $1,000,000 (⬇️ from $1,049,000)
Median Price of New Listings: $574,900 (N/A last week)
Price Per Square Foot: $285 (⬆️ from $255)
Average Days on Market: 123 (⬆️ from 111)
Median Days on Market: 42 (↔️ from 42)
Price Decreased: 20% (⬇️ from 27%)
Price Increased: 0% (↔️ from 0%)
Relisted: 0% (↔️ from 0%)
Inventory: 10 (⬇️ from 11)
Median Rent: $3,500 (↔️ from $3,500)
MAI: 56 (⬆️ from 39) (📈 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. We're already seeing prices move lower as a result.
My Take: With inventory at just 10 homes and average DOM at 123 days, this thin market shows extreme performance variance by price point.
🏡 Potomac, MD – Single-Family Homes
Median List Price: $1,799,949 (⬇️ from $1,875,000)
Median Price of New Listings: $1,250,000 (⬇️ from $1,359,000)
Price Per Square Foot: $355 (⬇️ from $356)
Average Days on Market: 81 (⬆️ from 74)
Median Days on Market: 39 (⬆️ from 35)
Price Decreased: 29% (⬇️ from 30%)
Price Increased: 0% (↔️ from 0%)
Relisted: 10% (⬆️ from 8%)
Inventory: 72 (⬇️ from 84)
Median Rent: $5,325 (⬇️ from $5,338)
MAI: 59 (⬆️ from 41) (📈 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. We're already seeing prices move lower as a result.
My Take: I see more strength here than Altos is reporting. Absorption outpaced inventory is 3 of 4 quartiles. In the lowest quartile with a medium price if $1,224,000, days on market is a fast 14 days, and while this quartile only met inventory, the majority of new listings fell in this quartile.
🏡 Rockville, MD – Single-Family Homes
Median List Price: $854,500 (⬇️ from $874,000)
Median Price of New Listings: $704,000 (⬇️ from $749,000)
Price Per Square Foot: $329 (⬇️ from $342)
Average Days on Market: 51 (⬆️ from 48)
Median Days on Market: 35 (⬆️ from 28)
Price Decreased: 48% (⬇️ from 51%)
Price Increased: 1% (↔️ from 1%)
Relisted: 6% (⬇️ from 8%)
Inventory: 80 (↔️ from 80)
Median Rent: $3,500 (↔️ from $3,500)
MAI: 50 (⬇️ from 55) (📈 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.
My Take: Again I am seeing a bit more strength here that altos narrative shows. The bottom three quartiles are very healthy, absorption met or beat inventory and all three have a reasonable near 30 day on market average. Most of the weakness this week seems to be in that top quartile of $1,394,500.
🏢 Rockville, MD – Condos/Townhomes
Median List Price: $457,000 (⬆️ from $455,000)
Median Price of New Listings: $569,850 (⬇️ from $598,000)
Price Per Square Foot: $347 (⬆️ from $344)
Average Days on Market: 62 (⬆️ from 60)
Median Days on Market: 35 (↔️ from 35)
Price Decreased: 31% (↔️ from 31%)
Price Increased: 1% (⬇️ from 2%)
Relisted: 11% (⬆️ from 10%)
Inventory: 152 (⬇️ from 153)
Median Rent: $2,583 (⬆️ from $2,575)
MAI: 41 (⬇️ from 42) (📊 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.
My Take: The plateau continues with minimal movement across metrics. Rising relist rates suggest some sellers testing market limits. Bottom two quartiles, $415,000 and $252,000 the absorption rate is significantly outpacing inventory, but the somewhat sluggish days on market still indicate buyer reservations
🏡 Silver Spring, MD – Single-Family Homes
Median List Price: $690,000 (⬆️ from $685,000)
Median Price of New Listings: $689,000 (⬇️ from $699,500)
Price Per Square Foot: $323 (⬆️ from $316)
Average Days on Market: 43 (⬇️ from 51)
Median Days on Market: 28 (↔️ from 28)
Price Decreased: 34% (⬇️ from 37%)
Price Increased: 1% (↔️ from 1%)
Relisted: 11% (⬆️ from 8%)
Inventory: 166 (⬆️ from 163)
Median Rent: $3,100 (↔️ from $3,100)
MAI: 49 (⬇️ from 53) (📈 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.
My Take: Improved marketing times offset by increased relisting activity. This market maintains relative stability compared to others. Absorption met or beat inventory in three of four quartiles.
🏢 Silver Spring, MD – Condos/Townhomes
Median List Price: $252,500 (⬇️ from $265,000)
Median Price of New Listings: $250,000 (⬇️ from $305,000)
Price Per Square Foot: $244 (⬇️ from $245)
Average Days on Market: 78 (⬇️ from 79)
Median Days on Market: 49 (⬇️ from 56)
Price Decreased: 39% (⬇️ from 42%)
Price Increased: 3% (⬆️ from 2%)
Relisted: 10% (⬆️ from 7%)
Inventory: 158 (⬇️ from 171)
Median Rent: $1,972 (⬆️ from $1,962)
MAI: 60 (⬆️ from 44) (📈 Strong Seller's Market)
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.
My Take: The MAI surge from 44 to 60 shows genuine market heat, with improved DOM additionally reduced inventory is meeting strong absorption rates in all four quartiles
Key Takeaways
More bids, lighter bidding wars. At our Brokerage in the DCMetro area half the homes listed drew at least one offer, but the average slipped to 0.9 from 1.2. Buyers still waive inspections on the right homes, and 90% of accepted contracts met or beat asking price.
Price drives velocity. In Bethesda single‑family homes, listings around $1,150,000 move quickly. Near $1,760,000 the days on market roughly double, and at $3,662,500 they stretch to 84 days.
Condos and townhomes carry momentum. Gaithersburg and Silver Spring attached homes show strong absorption with fewer price cuts and rising rents; Germantown posts a similar absorption jump, though its price‑reduction share held steady.
Chevy Chase is cooling. Its single‑family Market Action Index fell from 41 to 22, putting buyers in the driver’s seat even as many new listings test higher price points.
Quartiles tell the story. Generally speaking the lowest-priced quartile moves fastest, often under 30 days, while the top quartile can linger two to three times longer. Price cuts and relists cluster in the upper half, underscoring the need for sharp pricing above the median.
Looking Ahead
Entry and mid price condos remain tight. Attached homes priced below $600,000 in Gaithersburg, Germantown, and Silver Spring should keep moving fast and could see firmer prices.
Rates may trigger demand. Even a small drop in mortgage rates could pull more buyers into the market below $900,000.
Chevy Chase bears watching. If its Market Action Index stays near 22, buyers will press harder on price and terms, but I’m still betting on a surge for this submarket.
Preparation matters more than price. Homes that show well and list at fair market value attract offers quickly.
Ready to Navigate This Shifting Market?
For Buyers: Market fragmentation creates opportunities for prepared buyers. Get strategic insights and early access: https://zenlist.com/a/corey.feldman
For Sellers: With some markets shifting to buyer's advantage, accurate pricing is critical. Get your data-driven market analysis: https://bit.ly/dcmetrocma
Questions about these evolving dynamics? Let's discuss your specific situation at 301-564-3058. Have a great day
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