SPRING MARKET!! What's the vibe?

[Anonymous]

My pocket of Rockville townhouses is quite soft. Lots of inventory sitting. I think it’s due to the subdivision being new and investors trying to sell after 3-4 years of the townhouse being built

[Anonymous]

house in my neighborhood (22042/not "good" school) have gone quickly for 8.5-13.3% over asking. Probably because you can still get a SFH for under $1mi.

[Anonymous]

Anonymous wrote:house in my neighborhood (22042/not "good" school) have gone quickly for 8.5-13.3% over asking. Probably because you can still get a SFH for under $1mi.

I wonder if the demand for SFH under a million will lead to better outcomes at Justice, or if families will try to upgrade once their kids are school aged.

[Anonymous]

Anonymous wrote:

Anonymous wrote:house in my neighborhood (22042/not "good" school) have gone quickly for 8.5-13.3% over asking. Probably because you can still get a SFH for under $1mi.

I wonder if the demand for SFH under a million will lead to better outcomes at Justice, or if families will try to upgrade once their kids are school aged.

Hard to say. The biggest reason for the SEC disparities in school is the large number of students in the apartment near the schools not the SFH kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:house in my neighborhood (22042/not "good" school) have gone quickly for 8.5-13.3% over asking. Probably because you can still get a SFH for under $1mi.

I wonder if the demand for SFH under a million will lead to better outcomes at Justice, or if families will try to upgrade once their kids are school aged.

Anecdotally, I have some friends who bought in the Justice pyramid in 2021 because other pyramids were too competitive. They initially were talking big game about diversity and such, but once their oldest was about to hit kindergarten, they moved and took a loss on the Justice zoned house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:the market is very intense right now. i have lost out of multiple properties because someone placed an offer 5-10% over asking price.

Which neighborhoods?

Yorktown HS pyramid. It's like the Hunger Games rn.

I think it’s the Hunger Games everywhere. In my target area in a non Yorktown neighborhood in Arlington, listings are getting snatched within days. It’s the weirdest thing because even overpriced listings in south Arlington are getting snatched, while being one of the dullest spring markets in years as far as the number of the listings.

If they are “getting snatched” then they aren’t overpriced.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The market has been frustrating in Bethesda. Seems like everything in the $1.8M-$2.5M range goes to bidding wars.

Is there a glut of homes over 3-4 mil?

There isn't a "glut of homes" anywhere in the dmv.

But the over 2.5M new builds have resulted in less of the under 2.5M homes, which is what most are looking for. And there aren't enough of them to begin with.

Are these more expensive homes getting sold quickly and there is a lot of demand for over 3 mil market? I see a lot for sale in Bethesda in various price ranges. Including small SFHs for under 1.5 mil.

With highly desirable schools, yes. Without that, the market for them looks to be cooling. It will be interesting to look back in a few months and see what sold quickly where.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
I think it’s the Hunger Games everywhere. In my target area in a non Yorktown neighborhood in Arlington, listings are getting snatched within days. It’s the weirdest thing because even overpriced listings in south Arlington are getting snatched, while being one of the dullest spring markets in years as far as the number of the listings.

NOVA is worse. The market in DC and MD is a tad bit softer.

That is definitely not true in the Bethesda / NW DC market. I know from experience very recently. But various price pockets are stronger or softer than others.

I just don’t get the overall US housing market because how do you explain Miami? Rent is supper high, never mind buying. Many lower middle class people are decamping to places unknown. Here’s an example, a relative purchased a townhouse in the coconut grove area for 800k 9 years ago, her neighbor just sold her identical unit for 2.3m, like how? She’s been trying to trade up for the last 4 years but it’s never going to happen now. The units at her townhouse complex doesn’t look like anything worth 2.3M. There’s no amenities and the maintenance fees are over $600

LATAM money plus finance money fleeing NYC and tech fleeing California. Miami is an intriguing city and I can see why it's becoming very sought after.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
I think it’s the Hunger Games everywhere. In my target area in a non Yorktown neighborhood in Arlington, listings are getting snatched within days. It’s the weirdest thing because even overpriced listings in south Arlington are getting snatched, while being one of the dullest spring markets in years as far as the number of the listings.

NOVA is worse. The market in DC and MD is a tad bit softer.

That is definitely not true in the Bethesda / NW DC market. I know from experience very recently. But various price pockets are stronger or softer than others.

I just don’t get the overall US housing market because how do you explain Miami? Rent is supper high, never mind buying. Many lower middle class people are decamping to places unknown. Here’s an example, a relative purchased a townhouse in the coconut grove area for 800k 9 years ago, her neighbor just sold her identical unit for 2.3m, like how? She’s been trying to trade up for the last 4 years but it’s never going to happen now. The units at her townhouse complex doesn’t look like anything worth 2.3M. There’s no amenities and the maintenance fees are over $600

M’am, I’m going to need you to visit MiamiUrbanMoms.

Stories about the Miami real estate market aren’t at all useful in this region

[Anonymous]

This Del Ray townhouse sold for $1.45 in 2023, sold again for $1.63 in 2024, and went under contract the first week of listing at $1.69.

So that market is at least warm.

https://redf.in/MJw96i

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The Great Falls Street house might be hindered by the busy road for that price point.

I think a number of these listings are a bit overpriced, but ordinarily, houses under $2 million go fast in McLean. Not sure if these houses are indicative of a broader market trend? I’d be interested in others’ thoughts.

FWIW, we sold a house in the Mclean hs pyramid recently and we had a handful of good offers to choose from within less than a week, and picked one and closed a little over a month later. We did get significantly more than our list price and things went smoothly. It was an under-$1.5M property which is what seems to sell fast in the area right now. I'm not a real estate agent, but I have for obvious reasons been watching this market closely for a bit, and I agree with you that those houses listed by the PP are a bit overpriced. Price your home reasonably and it will sell (certainly in that area at this time).

I wonder if the Kirkley house would’ve sold faster if the realtor advised their client to paint over some of the funkier design choices… the staging is also a little messy.

The Kirkley listing now says that the sellers are repainting, refinishing the floors, and redoing the floors in the basement. They must’ve gotten feedback on their quirky design choices from prospective buyers.