Zillow data shows DC with 3rd largest price drop in the Nation
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Anonymous
| It’s going to take some time for the layoffs to affect the market. The real pain in RE will be in six months. |
Anonymous
Your post reminds me why I'm so glad that we sold our giant house in NWDC. It was way too large for us and it was never ending work with upkeep, decorating etc. even with cleaning outsourced. |
Anonymous
PPL said this back in Jan, it’s been 4 months, I don’t see significant difference in housing market now vs. last year. Back then overpriced home used to sit too and well priced sold quickly. |
Anonymous
IDK how many ppl are moving out, I don't see it in traffic patterns  Traffic is terrible now, pretty much everywhere too.
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Anonymous
First set of numbers are DC only. What those numbers show is that fewer people in DC proper are selling houses this year but those who are selling are getting higher prices, though they have to wait one day longer to sell - -7 days gasp! |
Anonymous
I don’t see how your analysis could be true.,I didn’t dig into this, but what I see from the Zillow data is that the average DC home value is down 3% year over year. Zillow also says 20 median days to pending. I didn’t see 7 anywhere. https://www.zillow.com/home-values/41568/washington-dc/ |
Anonymous
+1 I’m not a fed and our organization had layoffs due to reduced funding. Plenty of people in similar boats. |
Anonymous
This is based on zestimates. Everyone knows zestimates are crap. It is kind of embarrassing to be trying to pass this off as a robust data analysis lol |
Anonymous
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Two exact same house built by the same builder side by side,
5915 Lone Oak Dr, Bethesda, MD 20814 Originally bought in 2023 - 2.375M Last sold for 2.1M - Sold recently 5917 Lone Oak Dr - New built - Sold recently at 2.07M https://www.redfin.com/MD/Bethesda/5915-Lone-Oak-Dr-20814/home/183923691 |
Anonymous
So 10% down. Looks right to me. I am seeing the same trend. I think we may see a bit more downward price from here. |
Anonymous
Why are you such an intolerably rude person? And what sort of person would assume someone saying “I didn’t dig into this” and providing a link to what I could find on the topic as a PP is doing a data analysis? Are you familiar with data analysis? It sounds like you’re not. It’s actually a lot more embarrassing to post a bunch of numbers with no link. Where are you finding market values are going up and the median time on the market is 7 days? Please, post your data analysis. I’d love to see what a SAHM obsessed with property values who probably started the prestige neighborhood thread while her husband was having an affair because she’s insufferable can do on excel 🙄 |
Anonymous
+1 |
Anonymous
Sorry, tldr |
Anonymous
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I don't think there's any question that at least in parts of the DMV, prices will go stagnant or even fall.
The bigger question is whether they will fall below, say, 2019 levels and whether things will stay stagnant or depressed in DC for long. I would bet on no. The economy will recover, as it always does. Some jobs may shift around, but there will always be money in being the capitol city. This may turn out to be a needed correction. The price increases between 2020 and 2025 were unsustainable, surely we all saw that. Rising rates didn't do much because there's so little inventory. But this might put a dent in it. If you bought prior to 2019, or bought after but intend to hold onto your home for more than a few years, I don't think this will matter. People also freaked out in 2008/9. Turns out that was a great time to buy a home. |
Anonymous
Throw out Falls Church and Fairfax City. They're so small one or two houses that sell skew the results. |