Good morning, and welcome to this week’s Market Monday. Our Weekend Market Pulse showed competition surged to 61% of new contracts netting an average of 1.6 offers. Inspection waivers fell from 50% to 21%, as 35% of buyers chose full inspections and 35% opted for pass/fail. Pricing outcomes split: 61% paid above list, 30% below, and just 9% at list. Altos Research data for the week ending June 29 shows steady inventory levels across Montgomery County, mixed demand signals and varied pricing pressure. 🏡 Bethesda, MD – Single-Family Homes * Median List Price: $2,050,000 * Median Price of New Listings: $1,621,900 * Price per Square Foot: $447 * Average Days on Market: 74 * Median Days on Market: 42 * Price Decreased: 33% * Price Increased: 1% * Relisted: 14% * Inventory: 151 * Median Rent: $5,400 * Market Action Index: 41, slight seller’s advantage Market Narrative: Sales and inventory have reached a stasis point, yet prices drift lower. Supply still favors sellers, so price declines will be light and uneven. My Take: Bethesda is showing some weakness, especially in the upper two quartiles. But even the bottom two quartiles, inventory is outpacing absorption. At a medium price of $3,662,500, the top quartiles is crawling at 84 days on market. That said Days on Market in the bottom $1,150,000 median price range is a healthy 21 days. 🏢 Bethesda, MD – Condos/Townhomes * Median List Price: $434,750 * Median Price of New Listings: $862,450 * Price per Square Foot: $345 * Average Days on Market: 40 * Median Days on Market: 32 * Price Decreased: 42% * Price Increased: 0% * Relisted: 4% * Inventory: 48 * Median Rent: $3,030 * Market Action Index: 42, slight seller’s advantage Market Narrative: More condos are available and demand has softened, which pushes prices lower. A sustained uptick in the index will signal a return to firmer pricing. My Take: Days on market were under 30 for three of four segments. While the second quartile with a median price of $349,950 is at 49 days, only 1 new unit was added while three were absorbed. 🏡 Chevy Chase, MD – Single-Family Homes * Median List Price: $2,199,800 * Median Price of New Listings: $2,485,000 * Price per Square Foot: $540 * Average Days on Market: 90 * Median Days on Market: 42 * Price Decreased: 40% * Price Increased: 0% * Relisted: 16% * Inventory: 57 * Median Rent: $5,300 * Market Action Index: 37, slight seller’s advantage Market Narrative: Sales and inventory sit in balance, yet prices edge lower. Watch for an index uptick to mark price stability. My Take: I am seeing some weakness here, inventory out paced absorption in all but the second quartile with a median price of $1,925,000, which had zero new inventory or absorption this week. 🏢 Chevy Chase, MD – Condos/Townhomes * Median List Price: $474,900 * Median Price of New Listings: $945,000 * Price per Square Foot: $407 * Average Days on Market: 89 * Median Days on Market: 56 * Price Decreased: 42% * Price Increased: 0% * Relisted: 10% * Inventory: 71 * Median Rent: $2,765 * Market Action Index: 31, slight seller’s advantage Market Narrative: The market has eased and prices have plateaued. If the index resumes its climb, prices will follow. A drop into buyer territory will trigger downward pressure. My Take: Overall 3 units were added and 4 were absorbed. Interestingly 3 of the 4 absorbed where in the third quartile with a median price of $350,000. 🏡 Gaithersburg, MD – Single-Family Homes * Median List Price: $889,000 * Median Price of New Listings: $874,900 * Price per Square Foot: $257 * Average Days on Market: 70 * Median Days on Market: 42 * Price Decreased: 40% * Price Increased: 1% * Relisted: 11% * Inventory: 87 * Median Rent: $3,200 * Market Action Index: 46, strong seller’s market Market Narrative: Sales and inventory are stable, and prices have not moved higher. Inventory remains low, keeping the market firmly in seller territory. My Take: All four tiers absorbed at or above new supply. The bottom two tiers sold in under 30 days, underscoring broad‐based strength. 🏢 Gaithersburg, MD – Condos/Townhomes * Median List Price: $475,000 * Median Price of New Listings: $500,000 * Price per Square Foot: $285 * Average Days on Market: 40 * Median Days on Market: 21 * Price Decreased: 35% * Price Increased: 1% * Relisted: 7% * Inventory: 89 * Median Rent: $2,250 * Market Action Index: 55, strong seller’s market Market Narrative: Demand outpaces supply and prices remain on an upward trend. Expect continued strength unless the index shifts lower. My Take: Three of four tiers cleared new listings, with even the slowest segment selling in 24 days. That rapid turnover sustains price momentum. 🏡 Germantown, MD – Single-Family Homes * Median List Price: $799,995 * Median Price of New Listings: $749,995 * Price per Square Foot: $265 * Average Days on Market: 48 * Median Days on Market: 28 * Price Decreased: 26% * Price Increased: 0% * Relisted: 16% * Inventory: 38 * Median Rent: $2,598 * Market Action Index: 45, strong seller’s market Market Narrative: The market has cooled and prices have plateaued. Sellers still hold the edge, but watch the index for early signs of a shift. My Take: There is some weakness here but I do see signs of strength. Bottom two quartiles show 7-14 days on market and the third quartile at the $850,000 median price, absorption outpaced inventory 3 to 1. 🏢 Germantown, MD – Condos/Townhomes * Median List Price: $367,750 * Median Price of New Listings: $435,000 * Price per Square Foot: $263 * Average Days on Market: 44 * Median Days on Market: 25 * Price Decreased: 42% * Price Increased: 2% * Relisted: 6% * Inventory: 84 * Median Rent: $2,011 * Market Action Index: 54, strong seller’s market Market Narrative: Despite a dip in the index, demand remains strong enough to keep the market in seller territory. A renewed index rise will lift prices again. My Take: There was a surge of inventory in the top $535,000 median price quartile, 7 unit and only 1 absorbed, yet days on market still only sits a healthy 35 but I wouldn’t be surprised to see a drag on days on market in that quartile next week. The bottom 2 quartiles, absorption is matching new inventory. 🏡 Kensington, MD – Single-Family Homes * Median List Price: $1,095,000 * Median Price of New Listings: $1,049,500 * Price per Square Foot: $352 * Average Days on Market: 69 * Median Days on Market: 49 * Price Decreased: 42% * Price Increased: 3% * Relisted: 12% * Inventory: 33 * Median Rent: $4,075 * Market Action Index: 49, strong seller’s market Market Narrative: More homes are available and demand has softened, yet prices hold firm. It may take several weeks of slack demand before prices dip. My Take: Once again I ams seeing more strength than Altos. Top two quartiles absorption met inventory and it exceeded inventory in the bottom two. 🏡 Poolesville, MD – Single-Family Homes * Median List Price: $1,000,000 * Median Price of New Listings: $574,900 * Price per Square Foot: $285 * Average Days on Market: 123 * Median Days on Market: 42 * Price Decreased: 20% * Price Increased: 0% * Relisted: 0% * Inventory: 10 * Median Rent: $3,500 * Market Action Index: 37, slight seller’s advantage Market Narrative: The market has cooled and prices have moved lower. Watch the index for signs of a rebound in demand. My Take: Sample size is small here, and this market will be very property specific, but we did have only 1 unit added and two absorbed. 🏡 Potomac, MD – Single-Family Homes * Median List Price: $1,799,949 * Median Price of New Listings: $1,250,000 * Price per Square Foot: $355 * Average Days on Market: 81 * Median Days on Market: 39 * Price Decreased: 29% * Price Increased: 0% * Relisted: 10% * Inventory: 72 * Median Rent: $5,325 * Market Action Index: 42, slight seller’s advantage Market Narrative: More supply has pushed prices lower. A rebound in the index will signal stabilizing or rising prices. My Take: Absorption significantly outpaced inventory. 5 units added and 16 absorbed! 7 absorptions in the $2,062,500 median price quartile. In the bottom quartile with a median price of $1,224,000 absorption is matching inventory and we are at a blazing 14 days on market. I see some strength here and neighborhood like Fox Hills West, are particularly well suited. 🏡 Rockville, MD – Single-Family Homes * Median List Price: $854,500 * Median Price of New Listings: $704,000 * Price per Square Foot: $329 * Average Days on Market: 51 * Median Days on Market: 35 * Price Decreased: 48% * Price Increased: 1% * Relisted: 6% * Inventory: 80 * Median Rent: $3,500 * Market Action Index: 54, strong seller’s market Market Narrative: The market has cooled and prices have flattened, yet demand keeps it squarely in seller territory. My Take: Absorption met or beat inventory in bottom 3 quartiles. Days on Market for those three are also healthy. Weakness is in the top quartile with a median price of $1,394,500. 🏢 Rockville, MD – Condos/Townhomes * Median List Price: $449,900 * Median Price of New Listings: $346,200 * Price per Square Foot: $339 * Average Days on Market: 62 * Median Days on Market: 35 * Price Decreased: 30% * Price Increased: 1% * Relisted: 9% * Inventory: 160 * Median Rent: $2,583 * Market Action Index: 40, slight seller’s advantage Market Narrative: Sales and inventory have balanced. Low supply still favors sellers, but renewed demand will lift prices. My Take: There was a pop in inventory in the bottom quartile, 7 new units and no absorption, something to keep an eye on but given the median days on market, I’m not overly concerned. 🏡 Silver Spring, MD – Single-Family Homes * Median List Price: $690,000 * Median Price of New Listings: $689,000 * Price per Square Foot: $323 * Average Days on Market: 43 * Median Days on Market: 28 * Price Decreased: 34% * Price Increased: 1% * Relisted: 11% * Inventory: 166 * Median Rent:
