As I shared in my Weekend Market Pulse on April 4th, the Montgomery County Real Estate market has experienced a significant rebound in activity after a brief cooling period in mid-to-late March, despite dramatic economic shifts reverberating through our region. The data confirms my prediction about "another bump" in market activity, with competition surging back dramatically. Multiple offers jumped to 69% of transactions (up from 37% the previous week) with an average of 2.2 offers per property. An impressive 94% of homes sold above list price (compared to 53% the week before), while buyers make major concessions on inspections, with waived inspections more than doubling to 43.6% and full inspections plummeting to 12.9%.
While competition among active buyers is intense, showing data reveals overall buyer traffic down 15-37% compared to last spring, suggesting a smaller but more motivated buyer pool. This reduction in showing activity leads me to believe there may be more buyer opportunities this spring than originally projected. For now, absorption rates are keeping pace with the low but increasing inventory, but two significant economic developments could dramatically alter this landscape.
First, the Trump administration's sweeping tariffs have sent shockwaves through global markets. On April 3-4, the stock market experienced its worst losses since the COVID-19 pandemic crash in March 2020, with the Dow plunging over 2,200 points (5.5%) and the S&P 500 falling nearly 6% as China retaliated with its own 34% tariffs on U.S. goods (CNN Business). The tariffs include a baseline 10% on all imports plus country-specific rates: 54% for China, 46% for Vietnam, and 20% for Europe according to Reuters.
As of Monday morning, the fallout from Trump's tariffs continues to intensify dramatically. Global markets are in turmoil as President Trump characterizes the sweeping tariffs as "medicine" while warning foreign governments they would need to pay "a lot of money" to lift the levies (Reuters). The market reaction has been severe, with Asian equity markets sinking, European shares crashing to 16-month lows, and oil prices plummeting amid fears of higher prices, weaker demand, and potentially a global recession. Goldman Sachs has raised the odds of a U.S. recession to 45% in the next 12 months (Reuters). Major financial leaders like JPMorgan CEO Jamie Dimon warn these tariffs could have lasting negative consequences, while fund manager Bill Ackman warned they could lead to an "economic nuclear winter" (Reuters).
Meanwhile, federal workforce reductions continue to impact our local economy. Maryland-based federal contractors have reported planned layoffs affecting more than 1,250 people since February, with almost 1,000 of those jobs in Montgomery County alone according to state database records (Baltimore Banner). This is particularly concerning given that federal spending accounts for one-tenth of Maryland's GDP according to Maryland Comptroller Brooke Lierman. With numerous federal agencies announcing significant reductions in force (NPR), and many more cuts expected in the coming weeks, both federal employees and contractors face unprecedented uncertainty in our region.
I'll be carefully monitoring how these macroeconomic factors influence our local real estate dynamics in the coming weeks. The detailed neighborhood data below shows generally stable market conditions with slight shifts in inventory and pricing, offering valuable insights into local variations across Montgomery County.
Let's explore what the current market conditions mean for your specific neighborhood below.
Bethesda, MD - Single-Family Homes 🏡
Median List Price: $2,399,000 (⬆️ from $2,397,000)
Median Price of New Listings: $1,562,000 (⬇️ from $1,567,000)
Price Per Square Foot: $464 (⬇️ from $475)
Average Days on Market: 82 (⬆️ from 81)
Median Days on Market: 28 (unchanged)
Price Decreased: 34% (⬆️ from 24%)
Price Increased: 2% (⬇️ from 5%)
Relisted: 8% (⬇️ from 14%)
Inventory: 97 (⬆️ from 86)
Median Rent: $4,425 (⬇️ from $4,800)
Market Action Index (MAI): 40 (📊 Slight Seller's Advantage - unchanged)
Market Analysis:
The market has been cooling off consistently for several weeks, as more homes are available and demand is less. We have begun to see prices move lower as a result. If the MAI falls into the Buyer's zone, it is likely that prices continue their downward trend until we see some turnaround in Market Action.
Bethesda, MD - Condos/Townhomes 🏢
Median List Price: $455,000 (⬆️ from $434,950)
Median Price of New Listings: $637,000 (⬆️ from $381,000)
Price Per Square Foot: $425 (⬆️ from $383)
Average Days on Market: 64 (⬆️ from 51)
Median Days on Market: 32 (⬆️ from 14)
Price Decreased: 37% (⬆️ from 15%)
Price Increased: 0% (unchanged)
Relisted: 18% (⬆️ from 13%)
Inventory: 38 (⬇️ from 40)
Median Rent: $3,000 (⬇️ from $3,015)
Market Action Index (MAI): 49 (📈 Strong Seller's Market - unchanged)
Market Analysis:
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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Chevy Chase, MD - Single-Family Homes 🏡
Median List Price: $2,495,000 (⬇️ from $2,700,000)
Median Price of New Listings: $1,591,500 (⬆️ from $1,395,000)
Price Per Square Foot: $547 (⬇️ from $553)
Average Days on Market: 98 (⬇️ from 108)
Median Days on Market: 28 (⬇️ from 42)
Price Decreased: 49% (⬆️ from 28%)
Price Increased: 3% (⬇️ from 7%)
Relisted: 14% (⬇️ from 17%)
Inventory: 35 (⬆️ from 29)
Median Rent: $5,873 (⬆️ from $5,200)
Market Action Index (MAI): 33 (📊 Slight Seller's Advantage - unchanged)
Market Analysis:
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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Chevy Chase, MD - Condos/Townhomes 🏢
Median List Price: $489,000 (⬇️ from $518,500)
Median Price of New Listings: $279,950 (⬇️ from $450,000)
Price Per Square Foot: $424 (⬇️ from $476)
Average Days on Market: 71 (⬇️ from 78)
Median Days on Market: 42 (⬇️ from 46)
Price Decreased: 35% (unchanged)
Price Increased: 0% (unchanged)
Relisted: 5% (⬇️ from 7%)
Inventory: 55 (⬆️ from 46)
Median Rent: $2,715 (unchanged)
Market Action Index (MAI): 32 (📊 Slight Seller's Advantage - ⬇️ from 36)
Market Analysis:
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. Expect this trend to continue especially if the index falls to the Buyer's zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Gaithersburg, MD - Single-Family Homes 🏡
Median List Price: $894,900 (⬆️ from $877,000)
Median Price of New Listings: $824,900 (⬆️ from $822,500)
Price Per Square Foot: $300 (⬆️ from $289)
Average Days on Market: 81 (⬆️ from 80)
Median Days on Market: 21 (unchanged)
Price Decreased: 37% (⬆️ from 28%)
Price Increased: 6% (⬇️ from 7%)
Relisted: 6% (⬇️ from 7%)
Inventory: 52 (⬆️ from 46)
Median Rent: $3,250 (⬆️ from $3,175)
Market Action Index (MAI): 48 (📈 Strong Seller's Market - ⬇️ from 50)
Market Analysis:
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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Gaithersburg, MD - Condos/Townhomes 🏢
Median List Price: $389,990 (⬆️ from $349,900)
Median Price of New Listings: $424,900 (⬆️ from $402,000)
Price Per Square Foot: $270 (⬆️ from $263)
Average Days on Market: 53 (⬆️ from 46)
Median Days on Market: 28 (⬆️ from 14)
Price Decreased: 30% (⬆️ from 27%)
Price Increased: 0% (⬇️ from 4%)
Relisted: 7% (⬇️ from 8%)
Inventory: 56 (⬆️ from 49)
Median Rent: $2,165 (⬆️ from $2,110)
Market Action Index (MAI): 60 (📈 Strong Seller's Market - ⬇️ from 64)
Market Analysis:
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. Expect this trend to continue especially if the index falls to the Buyer's zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Germantown, MD - Single-Family Homes 🏡
Median List Price: $825,000 (⬆️ from $774,949)
Median Price of New Listings: $799,000 (⬇️ from $824,450)
Price Per Square Foot: $249 (⬇️ from $257)
Average Days on Market: 45 (⬆️ from 41)
Median Days on Market: 14 (⬇️ from 18)
Price Decreased: 30% (⬆️ from 18%)
Price Increased: 9% (⬇️ from 14%)
Relisted: 0% (unchanged)
Inventory: 23 (⬆️ from 22)
Median Rent: $2,520 (⬇️ from $2,550)
Market Action Index (MAI): 54 (📈 Strong Seller's Market - ⬆️ from 50)
Market Analysis:
In the last few weeks, the market has been at a stasis point in terms of sales to inventory. However, prices seem to have been falling a bit recently. Technically supply levels indicate this is a Seller's market so it is likely that the downward pricing pressure will be light or variable. Watch for an up-shift in the MAI before price stability is achieved.
Germantown, MD - Condos/Townhomes 🏢
Median List Price: $332,500 (⬆️ from $310,000)
Median Price of New Listings: $357,500 (⬆️ from $310,000)
Price Per Square Foot: $260 (⬇️ from $275)
Average Days on Market: 38 (⬆️ from 37)
Median Days on Market: 14 (⬇️ from 21)
Price Decreased: 33% (⬇️ from 34%)
Price Increased: 3% (⬆️ from 0%)
Relisted: 0% (⬇️ from 6%)
Inventory: 40 (⬆️ from 35)
Median Rent: $1,949 (⬇️ from $1,964)
Market Action Index (MAI): 70 (📈 Strong Seller's Market - ⬆️ from 65)
Market Analysis:
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 in the near future if the trend continues.
Kensington, MD - Single-Family Homes 🏡
Median List Price: $975,000 (⬆️ from $929,900)
Median Price of New Listings: $999,000 (⬇️ from $2,498,000)
Price Per Square Foot: $367 (⬇️ from $372)
Average Days on Market: 57 (⬇️ from 83)
Median Days on Market: 14 (⬇️ from 70)
Price Decreased: 26% (⬇️ from 45%)
Price Increased: 0% (unchanged)
Relisted: 11% (⬆️ from 9%)
Inventory: 19 (⬆️ from 11)
Median Rent: $3,750 (⬆️ from $3,500)
Market Action Index (MAI): 50 (📈 Strong Seller's Market - ⬇️ from 56)
Market Analysis:
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, though the market is still in the Seller's zone. Expect this trend to continue especially if the index falls to the Buyer's zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Potomac, MD - Single-Family Homes 🏡
Median List Price: $2,499,000 (⬆️ from $2,472,250)
Median Price of New Listings: $1,429,500 (⬇️ from $1,895,000)
Price Per Square Foot: $372 (⬇️ from $373)
Average Days on Market: 100 (⬇️ from 105)
Median Days on Market: 35 (⬇️ from 42)
Price Decreased: 29% (⬆️ from 24%)
Price Increased: 4% (⬇️ from 8%)
Relisted: 2% (⬇️ from 5%)
Inventory: 45 (⬆️ from 38)
Median Rent: $5,500 (⬆️ from $4,500)
Market Action Index (MAI): 44 (📊 Slight Seller's Advantage - unchanged)
Market Analysis:
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 in the near future if the trend continues.
Poolesville, MD - Single-Family Homes 🏡
Median List Price: $1,124,000 (⬇️ from $1,548,175)
Median Price of New Listings: $1,100,000 (⬆️ from $0)
Price Per Square Foot: $400 (unchanged)
Average Days on Market: 200 (unchanged)
Median Days on Market: 245 (⬆️ from 231)
Price Decreased: 0% (unchanged)
Price Increased: 0% (⬇️ from 25%)
Relisted: 0% (⬇️ from 25%)
Inventory: 4 (unchanged)
Median Rent: $3,500 (unchanged)
Market Action Index (MAI): 43 (📊 Slight Seller's Advantage - ⬆️ from 40)
Market Analysis:
Note on Poolesville: With only 4 properties in inventory, sample size is too low for reliable market analysis. If you're buying or selling in Poolesville, please reach out directly to discuss your specific situation.
The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices.
Rockville, MD - Single-Family Homes 🏡
Median List Price: $930,000 (⬆️ from $850,000)
Median Price of New Listings: $912,000 (⬆️ from $750,000)
Price Per Square Foot: $366 (⬆️ from $361)
Average Days on Market: 33 (⬇️ from 51)
Median Days on Market: 14 (unchanged)
Price Decreased: 34% (⬆️ from 28%)
Price Increased: 0% (unchanged)
Relisted: 9% (⬇️ from 15%)
Inventory: 58 (⬆️ from 40)
Median Rent: $3,400 (unchanged)
Market Action Index (MAI): 61 (📈 Strong Seller's Market - ⬇️ from 62)
Market Analysis:
Market conditions have been consistently cooling in the past several weeks. Because we're still in the Seller's zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer's zone.
Rockville, MD - Condos/Townhomes 🏢
Median List Price: $454,450 (⬆️ from $442,000)
Median Price of New Listings: $467,400 (⬇️ from $635,000)
Price Per Square Foot: $358 (⬆️ from $352)
Average Days on Market: 55 (⬇️ from 68)
Median Days on Market: 28 (⬇️ from 35)
Price Decreased: 27% (⬇️ from 29%)
Price Increased: 6% (⬇️ from 10%)
Relisted: 6% (⬇️ from 9%)
Inventory: 114 (⬆️ from 98)
Median Rent: $2,495 (⬆️ from $2,467)
Market Action Index (MAI): 41 (📊 Slight Seller's Advantage - ⬆️ from 40)
Market Analysis:
The market has started cooling and prices have been flat for several weeks. Since we're in the Seller's zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.
Silver Spring, MD - Single-Family Homes 🏡
Median List Price: $691,950 (⬆️ from $660,000)
Median Price of New Listings: $709,950 (⬆️ from $624,900)
Price Per Square Foot: $324 (⬆️ from $320)
Average Days on Market: 56 (⬇️ from 68)
Median Days on Market: 14 (⬇️ from 28)
Price Decreased: 40% (⬆️ from 34%)
Price Increased: 4% (⬇️ from 5%)
Relisted: 11% (⬆️ from 10%)
Inventory: 94 (⬆️ from 61)
Median Rent: $2,900 (⬇️ from $3,200)
Market Action Index (MAI): 58 (📈 Strong Seller's Market - ⬇️ from 60)
Market Analysis:
The market has started cooling and prices have been flat for several weeks. Since we're in the Seller's zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure on prices.
Silver Spring, MD - Condos/Townhomes 🏢
Median List Price: $257,000 (⬇️ from $297,450)
Median Price of New Listings: $248,500 (⬇️ from $319,000)
Price Per Square Foot: $245 (⬇️ from $257)
Average Days on Market: 72 (⬆️ from 69)
Median Days on Market: 35 (⬆️ from 28)
Price Decreased: 30% (⬆️ from 28%)
Price Increased: 1% (⬆️ from 0%)
Relisted: 7% (unchanged)
Inventory: 135 (⬇️ from 148)
Median Rent: $1,955 (⬇️ from $1,968)
Market Action Index (MAI): 43 (📊 Slight Seller's Advantage - ⬆️ from 41)
Market Analysis:
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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Key Takeaways
Market Overview
* Surging Competition Returns: After a short slowdown in late March, multiple offers surged to 69% of transactions, with 94% of homes selling above list price.
* Less But More Motivated Buyers: Buyer traffic is down 15–37% compared to last spring, yet those who remain active submit stronger offers.
* Inventory Slowly Rising: Inventories across neighborhoods are slowly increasing, easing pressure slightly but still leaving sellers in a favorable position.
* Tariffs and Layoffs Could Impact Market: Recent global market volatility from sweeping tariffs and significant local federal workforce reductions may influence buyer confidence and market stability going forward.
By Property Type
Single-Family Homes:
* Command high prices but spend more time on the market.
* Rockville (MAI 61) and Germantown (MAI 54) maintain strong seller advantages, translating to quick sales.
* Bethesda and Potomac see increasing inventory, suggesting a slight market cooling even though sellers retain an edge.
* Poolesville’s small inventory offers limited data for in-depth analysis.
Condos/Townhomes:
* Generally quicker turnover with median days on market.
* Germantown’s MAI of 70 shows a robust seller’s market driven by tight supply and high demand.
* Silver Spring condos remain a more affordable entry point, with price reductions indicating the need for careful pricing strategies.
By Location
Luxury Markets:
* Bethesda and Chevy Chase show cooling trends (34%–49% price reductions) emphasizing the need for realistic listing prices.
* Potomac (MAI 44) remains stable, but increasing listings call for strategic pricing to attract offers.
Mid-Range Markets:
* Rockville (MAI 61) and Silver Spring (MAI 58) single-family homes continue favoring sellers, though price cuts are increasing as competition remains balanced.
* Gaithersburg and Kensington both indicate strong conditions but also point to the importance of pricing strategy given rising price reductions.
Value Opportunities:
* Silver Spring condos/townhomes offer appealing price points and steady activity; good for buyers or investors.
* Rockville condos/townhomes remain in a seller’s zone (MAI 41, median DOM 28), yet growing inventory may give buyers more room to negotiate.
What This Means For You
* Sellers: Accurate pricing is key. While demand holds strong, almost half of properties see price reductions. A realistic list price can shorten your market time and optimize your final sale.
* Buyers: Though competition is high, fewer overall buyers create pockets of opportunity’ especially for listings with price drops or higher days on market.
* Investors: Focus on areas where robust MAI scores and significant price reductions coexist (e.g., Silver Spring and Rockville). These conditions can present favorable buying opportunities.
Ready to Take Action?
* Buyers: Gain an edge with early listing alerts and COMING SOON insights on Zenlist: https://zenlist.com/a/corey.feldman.
* Sellers: Maximize your home’s value with a data-driven approach. Request a custom market valuation: https://bit.ly/dcmetrocma.
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