Do you think dc housing is still overpriced?

[Anonymous]

We bought our lovely home back in 1995. It's now worth 3 times what we paid for it. That's why we stayed and paid for private school. A lot of our friends who decamped to higher mortgages in Bethesda and Chevy Chase also ended up sending their kids to private, so what the heck.

[Anonymous]

Lucky!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Parts of DC proper are a different world from even the close in burbs. That is just a fact. Those prices won't be coming down any time soon. It's amazing that people are willing to spend $800k - $1.5m for shitty school districts.

Welcome the new normal. Most of my peers aren't going to take on a three-hour daily commute because the school district is shitty. They're going to either evaluate the neighborhood school (many of which are quite good), or go the charter route. A general rule of thumb: if it's walkable and dense and inside-the-Beltway, it's going to hold it's value. If it's suburban and sprawly, (even if it's in DC), it's overpriced.

It's supply and demand--there's a huge oversupply of suburban cul-de-sac housing stock in the region, and in the US in general, that's going to take a long time to clear off the market. There's an undersupply of, say, townhouses three blocks from H Street, or just off of the commercial strip in Del Ray. Since those areas are incredibly desireable to the millennials, that's where they're moving. And where upper middle-class folks move, that's where the schools are going to see a massive improvement as well.

Exactly. And yay. That's why we (borderline millenials) willingly paid through the nose for our house in downtown Silver Spring, where prices are lower than they used to be, but still crazy high. We had to outbid two other offers, and the house was on the market less than a week. By comparison, I have relatives who wanted to buy out in the Olney area, 30 minutes farther out from DC. Houses just SAT out there, and sellers dropped and dropped their prices. My relatives bought last fall and there are still houses on the market that they considered back then.

[Anonymous]

If you are buying a house that you can afford, a comfortable mortgage, and you don't plan on moving/selling anytime soon, you should be fine.

In parts of Vienna with good schools, which is most of Vienna, the prices are still high and they seem to sell quickly. I agree, it really depends where you are.

[Anonymous]

Anonymous wrote:If you are buying a house that you can afford, a comfortable mortgage, and you don't plan on moving/selling anytime soon, you should be fine.

In parts of Vienna with good schools, which is most of Vienna, the prices are still high and they seem to sell quickly. I agree, it really depends where you are.

Vienna is to Tysons what Arlington is to DC.

[Anonymous]

Annandale just outside the beltway is still low and going lower. If the school boundaries change, which they might, that may raise the prices a bit, but that whole area is still very low, upper 400 with easy bus to pentagon.

[Anonymous]

We just sold in Burke and the house was on the market for less than 3 weeks, it was a solid contract.