Happy Halloween! While you’re preparing for tonight’s festivities, I’m tackling the two questions that dominated conversations this week: “How’s the market?” and “What’s the shutdown actually doing to us?”
The short version: The market’s surprisingly resilient, but the shutdown’s fingerprints are all over entry-level price points, expect Days on Market to stretch and urgency to soften until the government reopens.
Before the doorbell starts ringing tonight, grab our Halloween Home Safety Guide for a few quick reminders that’ll help keep trick-or-treaters (and your property) safe.
Now, let’s dive into this week’s numbers and see exactly where the shutdown is hitting hardest across Montgomery County.
🏢 Bethesda, MD – Condos/Townhomes
Median List Price: $485,000
Median Price of New Listings: $817,450
Price Per Square Foot: $347
Average Days on Market: 60
Median Days on Market: 42
Price Decreased: 41%
Price Increased: 0%
Relisted: 14%
Inventory: 71
Median Rent: $2,839
MAI: 36 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $1,419,500 | New: 1 | Absorbed: 3 | DOM: 35
Q3: Median Price $824,500 | New: 4 | Absorbed: 2 | DOM: 28
Q2: Median Price $335,000 | New: 1 | Absorbed: 3 | DOM: 42
Q1: Median Price $245,000 | New: 0 | Absorbed: 1 | DOM: 77
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 and prices have recently resumed upward pressure.
My Take: High-end sellers are in a good spot. The lower half is more buyer-friendly. Absorption outpaced new listings, but Days on Market are long in the bottom quartile. Entry-level looks most exposed to the federal shutdown, so expect a pop there when it ends.
🏡 Bethesda, MD – Single-Family Homes
Median List Price: $2,087,500
Median Price of New Listings: $1,475,000
Price Per Square Foot: $466
Average Days on Market: 103
Median Days on Market: 84
Price Decreased: 38%
Price Increased: 2%
Relisted: 18%
Inventory: 129
Median Rent: $4,670
MAI: 39 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $4,450,000 | New: 1 | Absorbed: 4 | DOM: 112
Q3: Median Price $2,499,250 | New: 2 | Absorbed: 8 | DOM: 112
Q2: Median Price $1,690,000 | New: 3 | Absorbed: 7 | DOM: 84
Q1: Median Price $1,099,000 | New: 5 | Absorbed: 10 | DOM: 31
Market Narrative: While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
My Take: Seller strength sits under roughly $1.2–$1.5M. Upper tiers carry longer days and need sharper pricing or standout condition. Buyers have more room to negotiate at the top.
🏢 Chevy Chase, MD – Condos/Townhomes
Median List Price: $447,000
Median Price of New Listings: $435,000
Price Per Square Foot: $429
Average Days on Market: 109
Median Days on Market: 63
Price Decreased: 44%
Price Increased: 0%
Relisted: 12%
Inventory: 66
Median Rent: $2,670
MAI: 33 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $1,050,000 | New: 1 | Absorbed: 0 | DOM: 42
Q3: Median Price $624,500 | New: 0 | Absorbed: 2 | DOM: 38
Q2: Median Price $350,000 | New: 2 | Absorbed: 1 | DOM: 70
Q1: Median Price $255,000 | New: 0 | Absorbed: 0 | DOM: 80
Market Narrative: 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.
My Take: Cooling and flat pricing favor buyers. Price to the last clean comp and lead with condition. Overreach sits. Excellent opportunities for buyers given these Days on Market. As with Bethesda, expect the greatest bounce post-shutdown to be in the bottom quartile.
🏡 Chevy Chase, MD – Single-Family Homes
Median List Price: $1,865,000
Median Price of New Listings: $1,635,000
Price Per Square Foot: $519
Average Days on Market: 104
Median Days on Market: 49
Price Decreased: 34%
Price Increased: 3%
Relisted: 11%
Inventory: 62
Median Rent: $5,750
MAI: 32 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $3,525,000 | New: 0 | Absorbed: 0 | DOM: 136
Q3: Median Price $2,200,000 | New: 2 | Absorbed: 1 | DOM: 119
Q2: Median Price $1,549,950 | New: 2 | Absorbed: 1 | DOM: 24
Q1: Median Price $999,000 | New: 1 | Absorbed: 3 | DOM: 49
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. 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.
My Take: Momentum is soft. Sub-$1.6M can move with clean presentation and tight pricing. Above $2M favors buyers. Watch Days on Market start to drop for the bottom two quartiles post-shutdown.
🏢 Clarksburg, MD – Condos/Townhomes
Median List Price: $592,500
Median Price of New Listings: $597,450
Price Per Square Foot: $273
Average Days on Market: 64
Median Days on Market: 46
Price Decreased: 37%
Price Increased: 0%
Relisted: 7%
Inventory: 30
Median Rent: $2,792
MAI: 37 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $685,000 | New: 0 | Absorbed: 1 | DOM: 66
Q3: Median Price $615,000 | New: 4 | Absorbed: 2 | DOM: 0
Q2: Median Price $562,490 | New: 1 | Absorbed: 1 | DOM: 49
Q1: Median Price $454,000 | New: 1 | Absorbed: 2 | DOM: 42
Market Narrative: While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
My Take: Days on Market are still long but seeing positive momentum throughout all price points.
🏡 Clarksburg, MD – Single-Family Homes
Median List Price: $862,500
Median Price of New Listings: $850,000
Price Per Square Foot: $215
Average Days on Market: 66
Median Days on Market: 35
Price Decreased: 44%
Price Increased: 0%
Relisted: 19%
Inventory: 16
Median Rent: $3,650
MAI: 36 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $967,400 | New: 0 | Absorbed: 1 | DOM: 35
Q3: Median Price $897,450 | New: 0 | Absorbed: 0 | DOM: 59
Q2: Median Price $804,950 | New: 1 | Absorbed: 0 | DOM: 14
Q1: Median Price $727,500 | New: 0 | Absorbed: 0 | DOM: 126
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. 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.
My Take: Low inventory seems to be helping this market. Median Days on Market are healthy.
🏢 Gaithersburg, MD – Condos/Townhomes
Median List Price: $454,949
Median Price of New Listings: $360,000
Price Per Square Foot: $275
Average Days on Market: 62
Median Days on Market: 35
Price Decreased: 41%
Price Increased: 3%
Relisted: 10%
Inventory: 122
Median Rent: $2,065
MAI: 42 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $695,000 | New: 4 | Absorbed: 7 | DOM: 35
Q3: Median Price $489,900 | New: 0 | Absorbed: 3 | DOM: 63
Q2: Median Price $409,000 | New: 4 | Absorbed: 5 | DOM: 21
Q1: Median Price $225,000 | New: 5 | Absorbed: 2 | DOM: 38
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. 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.
My Take: Healthy Days on Market and absorption is outpacing inventory. Sellers are generally in a favorable position.
🏡 Gaithersburg, MD – Single-Family Homes
Median List Price: $825,000
Median Price of New Listings: $749,500
Price Per Square Foot: $291
Average Days on Market: 90
Median Days on Market: 56
Price Decreased: 45%
Price Increased: 0%
Relisted: 11%
Inventory: 89
Median Rent: $3,350
MAI: 42 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $1,539,000 | New: 2 | Absorbed: 4 | DOM: 98
Q3: Median Price $949,950 | New: 3 | Absorbed: 1 | DOM: 56
Q2: Median Price $749,000 | New: 3 | Absorbed: 2 | DOM: 49
Q1: Median Price $549,950 | New: 4 | Absorbed: 4 | DOM: 31
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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
My Take: The seller’s advantage is being carried by the bottom quartile; Days on Market are painful everywhere else. Some excellent buyer opportunities right now, but expect that to shift once the shutdown breaks.
🏢 Germantown, MD – Condos/Townhomes
Median List Price: $349,900
Median Price of New Listings: $399,900
Price Per Square Foot: $264
Average Days on Market: 62
Median Days on Market: 35
Price Decreased: 40%
Price Increased: 0%
Relisted: 9%
Inventory: 81
Median Rent: $2,110
MAI: 47 (Strong Seller’s Market Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $489,900 | New: 7 | Absorbed: 9 | DOM: 35
Q3: Median Price $377,450 | New: 3 | Absorbed: 3 | DOM: 38
Q2: Median Price $314,950 | New: 3 | Absorbed: 3 | DOM: 49
Q1: Median Price $264,950 | New: 2 | Absorbed: 3 | DOM: 35
Market Narrative: While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.
My Take: Healthy Seller’s Market. Absorption is outpacing inventory and Days on Market are reasonable at most price points.
🏡 Germantown, MD – Single-Family Homes
Median List Price: $792,500
Median Price of New Listings: $795,000
Price Per Square Foot: $265
Average Days on Market: 70
Median Days on Market: 35
Price Decreased: 46%
Price Increased: 0%
Relisted: 18%
Inventory: 28
Median Rent: $2,725
MAI: 45 (Strong Seller’s Market Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $1,750,000 | New: 0 | Absorbed: 1 | DOM: 112
Q3: Median Price $899,000 | New: 2 | Absorbed: 1 | DOM: 7
Q2: Median Price $750,000 | New: 0 | Absorbed: 0 | DOM: 42
Q1: Median Price $625,000 | New: 1 | Absorbed: 3 | DOM: 28
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 in the near future if the trend continues.
My Take: Seller’s advantage likely driven by the small inventory.
🏡 Kensington, MD – Single-Family Homes
Median List Price: $951,800
Median Price of New Listings: $1,150,000
Price Per Square Foot: $390
Average Days on Market: 105
Median Days on Market: 91
Price Decreased: 50%
Price Increased: 0%
Relisted: 15%
Inventory: 40
Median Rent: $4,000
MAI: 37 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $1,732,500 | New: 0 | Absorbed: 1 | DOM: 126
Q3: Median Price $1,150,000 | New: 2 | Absorbed: 1 | DOM: 101
Q2: Median Price $872,450 | New: 1 | Absorbed: 0 | DOM: 73
Q1: Median Price $712,450 | New: 0 | Absorbed: 1 | DOM: 21
Market Narrative: The market has been cooling off consistently for several weeks, as more homes are available and demand is less. We have begun to seen 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.
My Take: Homes are sitting here. This is another area likely significantly affected by the shutdown. Some excellent buyer opportunities.
🏡 Poolesville, MD – Single-Family Homes
Median List Price: $842,500
Median Price of New Listings: $0
Price Per Square Foot: $319
Average Days on Market: 230
Median Days on Market: 116
Price Decreased: 75%
Price Increased: 25%
Relisted: 0%
Inventory: 8
Median Rent: $4,075
MAI: 31 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $4,803,500 | New: 0 | Absorbed: 1 | DOM: 479
Q3: Median Price $1,112,500 | New: 0 | Absorbed: 0 | DOM: 283
Q2: Median Price $645,000 | New: 0 | Absorbed: 1 | DOM: 87
Q1: Median Price $476,249 | New: 0 | Absorbed: 0 | DOM: 70
Market Narrative: In the last few weeks, the Market Action Index has resumed a climb. Despite the fact that we’re in a Seller’s market, prices have not yet resumed upward momentum. However, it is likely that given these conditions, prices will at least level off very soon. If the increasing trend continues, expect that prices could shift higher quickly.
My Take: With only 8 homes on the market, this sample size is too small to be meaningful. Call me and we can talk specifics.
🏡 Potomac, MD – Single-Family Homes
Median List Price: $1,875,000
Median Price of New Listings: $1,100,000
Price Per Square Foot: $369
Average Days on Market: 108
Median Days on Market: 56
Price Decreased: 32%
Price Increased: 1%
Relisted: 17%
Inventory: 71
Median Rent: $4,500
MAI: 40 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $3,799,749 | New: 0 | Absorbed: 0 | DOM: 87
Q3: Median Price $2,374,500 | New: 0 | Absorbed: 1 | DOM: 49
Q2: Median Price $1,424,950 | New: 2 | Absorbed: 3 | DOM: 42
Q1: Median Price $1,099,000 | New: 4 | Absorbed: 0 | DOM: 63
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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
My Take: This is another market that seems to be impacted by the shutdown. We would typically see lower Days on Market and better absorption in the bottom quartile as, until recently, homes under $1.7 million had been moving quite well. Expect Days on Market to drop in this quartile post-shutdown.
🏢 Rockville, MD – Condos/Townhomes
Median List Price: $449,000
Median Price of New Listings: $348,900
Price Per Square Foot: $351
Average Days on Market: 72
Median Days on Market: 42
Price Decreased: 37%
Price Increased: 3%
Relisted: 10%
Inventory: 163
Median Rent: $2,442
MAI: 39 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $899,900 | New: 1 | Absorbed: 2 | DOM: 56
Q3: Median Price $624,660 | New: 2 | Absorbed: 4 | DOM: 42
Q2: Median Price $395,000 | New: 3 | Absorbed: 3 | DOM: 49
Q1: Median Price $250,000 | New: 3 | Absorbed: 3 | DOM: 42
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 (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
My Take: Days on Market are dragging across all quartiles with weaker absorption in the bottom half of the market. Not to be redundant, but expect Days on Market to drop once the government reopens.
🏡 Rockville, MD – Single-Family Homes
Median List Price: $784,000
Median Price of New Listings: $669,000
Price Per Square Foot: $326
Average Days on Market: 77
Median Days on Market: 49
Price Decreased: 42%
Price Increased: 0%
Relisted: 11%
Inventory: 85
Median Rent: $3,350
MAI: 46 (Strong Seller’s Market Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $1,374,000 | New: 2 | Absorbed: 0 | DOM: 105
Q3: Median Price $865,000 | New: 3 | Absorbed: 0 | DOM: 42
Q2: Median Price $699,990 | New: 2 | Absorbed: 6 | DOM: 42
Q1: Median Price $529,000 | New: 5 | Absorbed: 7 | DOM: 42
Market Narrative: While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend persist.
My Take: 12 new and 13 absorbed, but all absorption was in the bottom half under about $700K. I expect to see more absorption in the top half post-shutdown.
🏢 Silver Spring, MD – Condos/Townhomes
Median List Price: $299,000
Median Price of New Listings: $309,500
Price Per Square Foot: $257
Average Days on Market: 76
Median Days on Market: 42
Price Decreased: 35%
Price Increased: 1%
Relisted: 10%
Inventory: 176
Median Rent: $1,950
MAI: 41 (Slight Seller’s Advantage Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $535,000 | New: 8 | Absorbed: 2 | DOM: 28
Q3: Median Price $357,500 | New: 8 | Absorbed: 2 | DOM: 45
Q2: Median Price $249,949 | New: 7 | Absorbed: 2 | DOM: 35
Q1: Median Price $175,000 | New: 4 | Absorbed: 5 | DOM: 70
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. 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.
My Take: Similar to Bethesda, smaller-sized apartments are dragging Days on Market. Days on Market are healthier in the top three segments, but with absorption significantly trailing inventory, expect Days on Market to climb along with buyer negotiating power.
🏡 Silver Spring, MD – Single-Family Homes
Median List Price: $675,000
Median Price of New Listings: $649,500
Price Per Square Foot: $312
Average Days on Market: 65
Median Days on Market: 35
Price Decreased: 42%
Price Increased: 1%
Relisted: 9%
Inventory: 198
Median Rent: $3,300
MAI: 45 (Strong Seller’s Market Weekly Market Monitor RLAH)
Quartile Breakdown:
Q4: Median Price $897,000 | New: 10 | Absorbed: 10 | DOM: 28
Q3: Median Price $699,900 | New: 3 | Absorbed: 9 | DOM: 42
Q2: Median Price $628,500 | New: 7 | Absorbed: 4 | DOM: 35
Q1: Median Price $540,000 | New: 10 | Absorbed: 10 | DOM: 28
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 so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
My Take: Given Silver Spring’s high density of federal employees and contractors, this is a surprisingly healthy market. Median Days on Market are reasonable and absorption is outpacing new inventory.
The Bottom Line: Despite the shutdown drag, the fundamentals remain solid. When federal workers return, expect the entry-level market to bounce fast, buyers who’ve been sitting on the sidelines won’t stay patient for long.
If you’re thinking about making a move, now’s the time to understand where you stand. Whether you’re waiting for the right moment to list or trying to gauge your buying power before the rush, I’ll run a custom market analysis tailored to your property or target neighborhood, no obligation, just clarity.
Request One Here or Text me at 301-564-3058, and I’ll have it to you within 24 hours.
Stay safe with the trick-or-treaters tonight!
Corey Feldman
The Feldman Group with RLAH@properties
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