Moco - no appreciation in the last 10 years

[Anonymous]

As a homeowner in Bethesda, i was looking through the data and was shocked at the fact that RE prices in this area are basically flat since 2008-2009 and even lower than the peak in 2005-2006. It looks like it’s not even keeping up with inflation. Meanwhile prices in Arlington and Fairfax have gone up by 40-50% over the same period. We are moderately well off but not rich by any means but this adds up to hundreds of thousands of dollars of home equity. I never expected the gap to be so large. We love our neighborhood and our commute to DC is pleasant but I can’t help but being slightly jealous.

[Anonymous]

Anonymous wrote:As a homeowner in Bethesda, i was looking through the data and was shocked at the fact that RE prices in this area are basically flat since 2008-2009 and even lower than the peak in 2005-2006. It looks like it’s not even keeping up with inflation. Meanwhile prices in Arlington and Fairfax have gone up by 40-50% over the same period. We are moderately well off but not rich by any means but this adds up to hundreds of thousands of dollars of home equity. I never expected the gap to be so large. We love our neighborhood and our commute to DC is pleasant but I can’t help but being slightly jealous.

There has been appreciation in the last five to six years because prices dropped from the peak. What you’re complaining about is that prices haven’t exceeded the bubble prices. That would not be a particularly good thing if they did.

[Anonymous]

Anonymous wrote:As a homeowner in Bethesda, i was looking through the data and was shocked at the fact that RE prices in this area are basically flat since 2008-2009 and even lower than the peak in 2005-2006. It looks like it’s not even keeping up with inflation. Meanwhile prices in Arlington and Fairfax have gone up by 40-50% over the same period. We are moderately well off but not rich by any means but this adds up to hundreds of thousands of dollars of home equity. I never expected the gap to be so large. We love our neighborhood and our commute to DC is pleasant but I can’t help but being slightly jealous.

This is true for most of the country. Most cities are just barely back to pre 2008 levels and in some cases still below the peak.

There's been a lot of discussions about MoCo's apparent stagnant values. There are variations within the county and within certain segments of the market that have been the exceptions. But on the whole, nothing like Arlington or Fairfax. But also remember places like Great Falls have seen actual price declines and selling well below circa 2005 peaks too, so it's not NOVA as a whole either.

[Anonymous]

Anonymous wrote:

Anonymous wrote:As a homeowner in Bethesda, i was looking through the data and was shocked at the fact that RE prices in this area are basically flat since 2008-2009 and even lower than the peak in 2005-2006. It looks like it’s not even keeping up with inflation. Meanwhile prices in Arlington and Fairfax have gone up by 40-50% over the same period. We are moderately well off but not rich by any means but this adds up to hundreds of thousands of dollars of home equity. I never expected the gap to be so large. We love our neighborhood and our commute to DC is pleasant but I can’t help but being slightly jealous.

There has been appreciation in the last five to six years because prices dropped from the peak. What you’re complaining about is that prices haven’t exceeded the bubble prices. That would not be a particularly good thing if they did.

We are way past bubble prices in NOVA, and there's no sign of letting up. I am surprised to hear that prices are flat in Bethesda. That doesn't seem true to me.

[Anonymous]

It always follows the school system. MCPS schools have declined significantly last 10 years or so. You can thank your county politicians.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a homeowner in Bethesda, i was looking through the data and was shocked at the fact that RE prices in this area are basically flat since 2008-2009 and even lower than the peak in 2005-2006. It looks like it’s not even keeping up with inflation. Meanwhile prices in Arlington and Fairfax have gone up by 40-50% over the same period. We are moderately well off but not rich by any means but this adds up to hundreds of thousands of dollars of home equity. I never expected the gap to be so large. We love our neighborhood and our commute to DC is pleasant but I can’t help but being slightly jealous.

There has been appreciation in the last five to six years because prices dropped from the peak. What you’re complaining about is that prices haven’t exceeded the bubble prices. That would not be a particularly good thing if they did.

We are way past bubble prices in NOVA, and there's no sign of letting up. I am surprised to hear that prices are flat in Bethesda. That doesn't seem true to me.

Which means you’ll have another massive crash when the next recession hits. NOVA was devastated in the last one.

[Anonymous]

I have no idea where you are in Bethesda, or what data you're looking at, OP, but permit me to doubt you!

I live a stone's throw from downtown Bethesda, and real estate prices keep rising. We are looking for a larger house, and are priced out of much our own neighborhood. Friends and acquaintances trying to move into Bethesda for the schools are having great difficulties finding anything affordable.

[Anonymous]

OP is a NoVA troll. Prices have not been flat for 10 years. It may not climb as fast as Arlington, but in no way is it flat.

[Anonymous]

Anonymous wrote:
I have no idea where you are in Bethesda, or what data you're looking at, OP, but permit me to doubt you!

I live a stone's throw from downtown Bethesda, and real estate prices keep rising. We are looking for a larger house, and are priced out of much our own neighborhood. Friends and acquaintances trying to move into Bethesda for the schools are having great difficulties finding anything affordable.

I also think that there are micro-markets--those close to public transit and retail areas are likely experiencing a steady increase, whereas those in less walkable/less transit-friendly areas are stagnant--the latter are the areas feeling the effects of people staying in DC longer (instead of moving to the burbs as soon as first kid arrives), or moving to VA.

[Anonymous]

Anonymous wrote:
I have no idea where you are in Bethesda, or what data you're looking at, OP, but permit me to doubt you!

I live a stone's throw from downtown Bethesda, and real estate prices keep rising. We are looking for a larger house, and are priced out of much our own neighborhood. Friends and acquaintances trying to move into Bethesda for the schools are having great difficulties finding anything affordable.

I too was priced out of Bethesda but just because I couldn’t afford it in 2016 (when I was looking) doesn’t mean it’s because of price increases in the past 10 years. These neighborhoods have leveled off at very high prices.

[Anonymous]

I agree with OP. I live near Glen Echo and I bought my house 3 years ago for the same price the seller paid in 2005. Prices have not risen since I purchased either. New construction prices are really high as they are generally much larger houses than the original. Also anything near downtown Bethesda.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a homeowner in Bethesda, i was looking through the data and was shocked at the fact that RE prices in this area are basically flat since 2008-2009 and even lower than the peak in 2005-2006. It looks like it’s not even keeping up with inflation. Meanwhile prices in Arlington and Fairfax have gone up by 40-50% over the same period. We are moderately well off but not rich by any means but this adds up to hundreds of thousands of dollars of home equity. I never expected the gap to be so large. We love our neighborhood and our commute to DC is pleasant but I can’t help but being slightly jealous.

There has been appreciation in the last five to six years because prices dropped from the peak. What you’re complaining about is that prices haven’t exceeded the bubble prices. That would not be a particularly good thing if they did.

We are way past bubble prices in NOVA, and there's no sign of letting up. I am surprised to hear that prices are flat in Bethesda. That doesn't seem true to me.

Which means you’ll have another massive crash when the next recession hits. NOVA was devastated in the last one.

Oh I hope so. We were waiting for the crash in 07 and Arlington barely dipped 10% after tripling the prior 6 years.

I would love to move in a better home for lower price and just rent out the shack we settled on (and have paid off).

[Anonymous]

Anonymous wrote:I agree with OP. I live near Glen Echo and I bought my house 3 years ago for the same price the seller paid in 2005. Prices have not risen since I purchased either. New construction prices are really high as they are generally much larger houses than the original. Also anything near downtown Bethesda.

Why would you even expect prices to rise meaningfully within 3 years? If they did, it would be a bubble. Remember the last bubble? Not good.

[Anonymous]

Anonymous wrote:OP is a NoVA troll. Prices have not been flat for 10 years. It may not climb as fast as Arlington, but in no way is it flat.

I agree the OP wording sounds like a troll.

-DC homeowner with no dog in the race

[Anonymous]

Arlington is closer to downtown, has lower taxes and va is better for business. Why would you expect any different?