Prices dropping in MoCo???
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Anonymous
Yes, it's below if you see exact month. I just eyeballed it and first time inventory in the last 5 years reached 2019 levels( any months). Inventory was really down for the last 5 years and now it's adjusting to normal levels. I think it's better to have balanced market with normal imventory. |
Anonymous
Ok, well as an aside house prices in DC went up in May because condo sales were down and the market is softening and the job loss in the region is accelerating. |
Anonymous
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https://www.brightmls.com/article/greater-dc-area-weekly-housing-market-update
Seems like prices are dropping … |
Anonymous
Look at the guidance …not a good picture. And MoCo prices up .1% over last year, but annual inflation at 2.7%. |
Anonymous
Still not nearly as bad as Arlington, Fairfax or Alexandria. List prices in Arlington are down 30%!!! YOY. |
Anonymous
This says that in the Greater DC Region and the wider Bright MLS area that prices are up YoY. |
Anonymous
| Prices of homes in top neighborhoods will still increase as they always have. People that reply to these threads are generally trying to justify to themselves not entering the market and waiting for some downturn that will never happen. (Unless they are looking for homes in outer suburbs.) |
Anonymous
| In CC, our neighbor moved out a month ago and put a lived in 5-bedroom to rent since two months now. They are halfway through the mortgage. I've seen few visits and the house was spruced up. It's the jobs situation. |
Anonymous
The guidance is incredibly negative and MoCo (area this thread is about) is up .8% yoy and inflation is 2.7%, so you do the math. I think DC is up yoy by 3.8%, but again, less than a point above inflation and very slow condo sales are probably contributing. Wide variation with the greater DC area, but trending very negative. |
Anonymous
Can you restate this in English? |
Anonymous
| Price increases are below inflation in MoCo or within a range where other factors may have skewed a comparable measurement for example the level of condo sales. |
Anonymous
Very negative would be Austin and Dallas and many parts of Florida where prices are down 15%+ YoY. The reason you own a home is a hedge against inflation because your housing costs will now be fixed vs rental costs increasing each year. The fact that prices around here are still holding firm or increasing is actually fairly amazing. |
Anonymous
Shhh you're ruining it for the people who are giddy over the idea of a massive economic downturn in MoCo. |
Anonymous
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In MoCo if my neighborhood is an example we had lot of old timers who had unrenovated homes who were snowbirds, delaying downsiding or plain old estate sales.
With home prices rising like crazy between Spring 2020 and 2025 lots held off selling as going up in value so much each month. I had three sales my block all three were empty nestors living in houses way larger than they needed and older. Two sold as is as once home prices flattened out in late 2024 they decided why put money in. Unlike 2020-2023 when people would pour 50k to 100K into a home to get it ready for sale and get top dollar. Plus back then if project delayed sale for a year who cared, home price were going up 10K a month at peak on my block. So now they sell as is and owners happy to get out even if 2-5 percent below peak. Hardly call it a market crash, just people who delayed selling to downsize or go to nursing home as why sell and downsize when prices are flying up. My own home went up $500K in last five years. Thats $8,300 a month gain. My older neighbors just said why downsize to save money as I am losing out on the $8,300 a month gain. Now that home prices are flat they just see expsnse of owning big home and are selling. But even then none of people like me are selling. It was nearly all 65-85 year olds selling this year near me. |
Anonymous
| MoCo is a dump. I would never live there. |