Zillow data shows DC with 3rd largest price drop in the Nation
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Anonymous
This seems about right to me, not sure where OP was getting those numbers or if that was for the District only. |
Anonymous
It's so cute that some posters on this board think feds can afford to buy sfhs in those places, or the District unless they have trust funds or a higher earning partner / spouse. |
Anonymous
Or maybe an inheritance. Regardless, most people still working as Feds either have specialized skills and will struggle to find work outside the gov without starting over and/or their salary is important to their family’s financial health. Maybe someone has a house in Chevy Chase because of an early inheritance or help from parents. That doesn’t mean they don’t need a job to pay their mortgage or their bills. |
Anonymous
I know dual Feds that bought sfh a couple of yrs ago in Potomac. Though Potomac not as pricey and in demand as it used to be. |
Anonymous
Don't have to be a fed, just someone whose job is affected by govt money. |
Anonymous
I know multiple feds who moved here in the late 1990s or very early 00s, bought something, which tripled in value and then have used the enormous return to buy fancy houses in Georgetown, Chevy Chase, etc... but it works because they have the solid gold salary and retirement. Ooops. And really, it doesn't matter how they're buying their homes—inheritance, rich spouse, good investments... if they're not buying, it's hurting hte market. And it's hurting the market. |
Anonymous
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I get a newsletter from a realtor in my area: apparently numbers how that there is a softening of the market in general in the DC area.
With job cuts and tariffs, I'm not surprised. It stands to reason. |
Anonymous
First of all, “median” sales prices is heavily affected by housing mix and doesn’t really tell you much about an apples to apples per sq ft sales prices comparison. If it makes you feel better to believe that inventory is up and the number of sales are down and prices still went up, go ahead. Sounds quite unlikely to me. Also, ignore all the “why isn’t this house selling” threads here. |
Anonymous
| Interestingly, the Redfin estimate on my Bethesda home is +$100k, the highest I’ve ever seen it. |
Anonymous
Generally, doctors need patients. If there is a recession and people move out, I think doctors will eventually leave as well. |
Anonymous
Which is why they bought there. DH is a fed with a specialized field which pays well. The only fellow feds he knows who can even afford to live in Bethesda bought 30+ years ago, and are selling to help finance their retirement. |
Anonymous
It depends. Houses my block by village sell very quickly. I am walking distance, library, starbucks, supermarket etc. It is an oxymoron as walkable Potomac. If anything Tarrifs are a bigger issue. The large homes on two acres the cost of buying things is now a nightmare. Houses with 8 bathrooms, two kitchens, a pool and tennis court with a cess pool and well in outer potomac you are always buying stuff and hiring people. Price increase on material and labor is the real killer. It is not 2009 when folks worked for almost nothing and stores were having big sales due to recssion. The days of the 6k bathroom remodel and 30K kitchen renovation of 2009 is long long gone. |
Anonymous
| Only reason it isn’t worse is that prices didn’t increase during covid as much as they did in other locations |
Anonymous
| In Glover Park there have been lots more houses going on the market than is typical: 4 or 5 at a time instead of 1 or 2. But prices still seem like they are gong up or staying stable, and the houses are moving quickly - within a week from listing to under contract |
Anonymous
| This is the problem with a lot of stories that try to rank DC as if it's one of the 50 states instead of comparing it to other metropolitan areas. Of course a city is going to have bigger fluctuations in real estate prices (or crime, or school test scores, or a lot of things) than an entire state which reflects the average of rural and urban areas). |