DC Market Downturn

[Anonymous]

Someone mentioned in a thread we'll know if it's a market downturn/crash when homes are listed/sold below their last purchase price. And I'm starting to see that in my zip code of 20011. Doesn't look good for those who need to sell, but folks were overbidding. etc. and will now have to pay the price. Are you seeing homes in your area with the same credentials?

https://www.redfin.com/DC/Washington/4723-4th-St-NW-20011/home/10064045?&utm_source=google&utm_medium=ppc&utm_campaign=1021583&utm_term=aud-299174632494:kwd-1655075395670&utm_content=750120387809&adgid=181661941609&intent=&gad_source=1&gad_campaignid=9617226124&gbraid=0AAAAADirq3s2kiNExuyac_PN8AhgJHjbY&gclid=Cj0KCQjwucDBBhDxARIsANqFdr1IVMeEpPRaEYOhTBxr6ZOoweawa5ij9zkAfrRiElxziC400fuhtD4aAgToEALw_wcB&gclsrc=aw.ds

https://www.redfin.com/DC/Washington/602-Sheridan-St-NW-20011/home/10055490?gclsrc=aw.ds&&utm_source=google&utm_medium=ppc&utm_campaign=1039869&utm_term=&utm_content=&adgid=&gad_source=1&gad_campaignid=22038302819&gbraid=0AAAAADirq3vzmNbPj5vquXwwOiS9Tay71&gclid=Cj0KCQjwucDBBhDxARIsANqFdr16btWuEXxT1pgR5TF0t4F-ritWbiCd1iRd3fiGGl6EI4MeP9dGHr4aAoZ2EALw_wcB

https://www.redfin.com/DC/Washington/5021-8th-St-NW-20011/home/10051763

[Anonymous]

Seeing this also in 20009 (columbia heights) and 20010 (petworth). But these are purchases in the 2020 time period which were inflated.

[Anonymous]

I think people are not buying with the high interest rates. Even a moderate supply sits and has to lower prices to sell. There just isn’t enough demand. Also, selling a house 1-2 years after buying is never a good idea

[Anonymous]

I’ve noticed houses sitting in 20011, but not selling for lower than purchased. But the vast majority of the houses I’m seeing go on the market are flips or gut jobs. A house that was purchased a few years ago when interest rates were historically low just isn’t going to sell at that same price with 2025 rates.

[jsteele]

https://www.dcurbanmom.com/jforum/posts/list/1274993.page