Montgomery County is a yield-led but softening-liquidity case. At Zillow’s 2026-06 county observation, the $167,405 median home value and $1,364 monthly median asking rent produce the stated 9.78% gross yield before vacancy, repairs, insurance, financing, or taxes. It warrants investigation by operators who can verify unit-level costs and lease demand; buyers depending on quick resale or uninterrupted tenant demand should be cautious. These are county metrics, not evidence that the county represents its metro.
Zillow’s home value rose 2.34% year over year and its asking rent rose 2.92%, but the rent is measured market rent whereas HUD FMR is a payment standard, not asking rent or a yield input. FHFA’s 2025 repeat-transaction HPI increased 1.42% year over year; it is an index rather than a home value and does not share Zillow’s observation period or method. The 0.41% effective property-tax rate is a carrying-cost input that narrows the meaning of gross rent-to-price yield.
Realtor.com’s 2026-06 MLS listing market shows more negotiation risk than a completed-sale trend: median listing price was down 1.71% year over year, active listings numbered 946, and 18.52% of listings had a price reduction. Listing price is an asking price, active listings are visible supply, and reductions are seller concessions; none establishes a closed-sale price or buyer demand on its own. Underwriting should therefore test the assumed exit price and marketing time at the property level.
In 2025, QCEW annual covered employment at county workplaces fell 0.45%; this is neither resident employment nor a forecast. Tax-return migration showed a net outflow of 1,107 households, with outbound movers’ average AGI $12,739 higher than inbound movers’; 419 investor purchases within 2,542 total purchases add buyer competition but do not establish rental demand. Inland flood is the dominant hazard, and the modeled annual climate-loss ratio is 0.14% of building value. Property-specific flood exposure, insurance, operating expenses, vacancy, lease comps, financing terms, and closed-sale data are not published; their absence prevents a net-yield calculation and asset-specific risk conclusion.