Prices dropping in MoCo???

[Anonymous]

Took a look at Zillow and whew. Property prices in my area are DROPPING. Down $50k from December! Will it pick back up at some point? Any real estate agents got a good assessment of the situation? Is it NIH people leaving en masse?

[Anonymous]

Prices are down, the inventory is rising over the entire DMV

[Anonymous]

Inventory is on track to go to pre-pandemic level. Inventory is already around 2019 level. I suspect it wil rise to 2017-1018 level in the next one year.

https://fred.stlouisfed.org/series/ACTLISCOU47900

When inventory went down, prices went up.

Reverse will be also true. Invetory is rising so prices will come down.

[Anonymous]

Prices may drop only 5-10% in some area but it's likely to remain flat for years. With inflation, that's a bigger price drop than 5-10%.

Even if a house sells at same price after 5 years with 3-4% inflation, it;s eccective price drop of 15-20%.

[Anonymous]

50k down from what? If original price is $2M that’s hardly a drop.

[Anonymous]

From like 1.1M

[Anonymous]

It's always astonishing, and a little disheartening, when someone looks at *one* price drop and extrapolates a county-wide decline from that. One property is evidence of precisely nothing.

[Anonymous]

we just sold, only 1 week on market because we priced our house at the 2023 neighborhood comparable price instead of the 2024 comparable, which was about a 2% difference.

[Anonymous]

Anonymous wrote:It's always astonishing, and a little disheartening, when someone looks at *one* price drop and extrapolates a county-wide decline from that. One property is evidence of precisely nothing.

+1 but if people stopped doing that, the real estate forum would be a lot quieter

[Anonymous]

I live in an expensive neighborhood with very low inventory. This has not changed, but what has changed is that the few houses that went on sale later in the spring, after tariffs and layoffs, are not selling like hotcakes like they did in late winter - they're sitting for longer. And sitting for longer is the precursor to price drops.

[Anonymous]

Anonymous wrote:I live in an expensive neighborhood with very low inventory. This has not changed, but what has changed is that the few houses that went on sale later in the spring, after tariffs and layoffs, are not selling like hotcakes like they did in late winter - they're sitting for longer. And sitting for longer is the precursor to price drops.

Same in N Arlington where we’re seeing a lot of price drops on sub $1.5M houses. I’m curious what happens to all the new builds above $2M currently sitting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I live in an expensive neighborhood with very low inventory. This has not changed, but what has changed is that the few houses that went on sale later in the spring, after tariffs and layoffs, are not selling like hotcakes like they did in late winter - they're sitting for longer. And sitting for longer is the precursor to price drops.

Same in N Arlington where we’re seeing a lot of price drops on sub $1.5M houses. I’m curious what happens to all the new builds above $2M currently sitting.

PP here - adding we bought at the peak (January 2025) so I’m the last person who wants to be doom and gloom about this since I’ll get burned more than most but alas it’s what we’re seeing

[Anonymous]

I live in a mountain resort town where 80% of the homes are not primary homes. The sales inventory is very high right now. Nationwide, new homes are sitting on the market longer.

https://www.newsweek.com/housing-market-warning-issued-no-one-buying-new-homes-2092345

[Anonymous]

Last year was an anomaly. High rates AND high prices. There’s got to be a reckoning at some point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live in an expensive neighborhood with very low inventory. This has not changed, but what has changed is that the few houses that went on sale later in the spring, after tariffs and layoffs, are not selling like hotcakes like they did in late winter - they're sitting for longer. And sitting for longer is the precursor to price drops.

Same in N Arlington where we’re seeing a lot of price drops on sub $1.5M houses. I’m curious what happens to all the new builds above $2M currently sitting.

PP here - adding we bought at the peak (January 2025) so I’m the last person who wants to be doom and gloom about this since I’ll get burned more than most but alas it’s what we’re seeing

Nothing worse than finally being able to buy a house without family money just for the market to finally turn around. I’m with you there.