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 Monday: Tuesday edition