What is happening in Glover Park?

[Anonymous]

For the last five or six years, you were lucky to see one or two houses a month go up for sale in Glover Park, and they were snapped up within a week. Right now it looks like there are five or six houses for sale that have been on the market for weeks. This seems like a very sudden shift - the houses that went up for sale in March and April went quickly. The houses that went up in May and June are languishing. The market looks like it has frozen up.

[Anonymous]

The same as in other areas of the DC region: federal job cuts have frozen the market. My little corner of Bethesda had it's usual scramble for bottom-of-the-market homes from January to March (1.5-2M), things slowed way down in April, and May and June have been frozen. The luxury homes put on the market for 5-7M in January because realtors know they need all Spring season to sell, will probably not find a buyer at this point. They'll need an entire year, and might need to lower their price point.

[Anonymous]

This seems rather expected, no? The largest employer in the region has had layoffs and is not hiring. It has affected related jobs and industries like consulting. Most people living in DC have work for the government or a government adjacent job.

It’s not surprising people don’t want a $1.5 million row house when they are concerned about losing their jobs.

[Anonymous]

I hope it’s heading back to what it was - starter homes and rentals for young single people. Those families need to get out and get into real homes.

[Anonymous]

Not surprising. Plus now GP kids are zoned for MacArthur HS and no longer have access to Jackson-Reed.

[Anonymous]

It surprises me that it happened with such suddenness. One week, houses were selling at the asking price within a week. The next week, similar houses at similar price points just sat without selling. And now there is a surplus on the market.

[Anonymous]

It's summer. This is not a time for selling.

[Anonymous]

What are you on about? There are a few sitting, but several houses that were listed in May and June went in under 2 weeks.

[Anonymous]

Anonymous wrote:What are you on about? There are a few sitting, but several houses that were listed in May and June went in under 2 weeks.

More than several GP houses have now been on the market for more than two weeks, if you're using that as a benchmark. Most of them already have had at least one price cut.

[Anonymous]

In my own estimation, the ones sitting are a bit overpriced. They look to be priced as if the trend from earlier/last year continued unabated.

On the other hand, I was also surprised by how much houses sold for earlier in the year.

[Anonymous]

Buyers are waiting for the Feds to cut interest rates.

[Anonymous]

5 homes on the market at once. 2 are clearly overpriced and been on the market for ages. 3 are 1 week old.

That does seem a bit higher than usual. but the market was a bit crazy earlier this year. things going back to 2024 levels?

[Anonymous]

The state of the economy has made it a much more discerning RE market. People no longer are rushing to neighborhoods with shared walls, unpleasant parking (if you don't have a assigned spot) and, if you live in the western portion of the neighborhood, a lengthy walk to the commercial strip. Throw in MacArthur and still-not-great public transportation in the neighborhood and houses will start to sit and prices will come down.