Reply to We need homes. A lot of homes. Not just affordable, but also middle-income homes.

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Reply to "We need homes. A lot of homes. Not just affordable, but also middle-income homes."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]D.C. population is now shrinking, and interest rates are going to go up. Housing prices will inevitably fall. We're in a bubble at the moment, but it won't last. [/quote]

I was born and raised in DC and I’m now in my 50s. Housing prices have never fallen. The house my father bought for $25 thousand will probably sell for close to $3 million. The house I bought for @$300k 26 years ago will sell for $1.5 million. The population has shrunk since I was a kid.[/quote]
For detached and attached SFH this is true. Condos on the other hand are taking a hit this year and it will probably only get worse.  [/quote]

That's not been what I've observed. Maybe if you're talking about undesirable far-flung exurbs like Chantilly or Clarksburg I could see your point, but DC's condo market has seen slow and steady appreciation. Condos aren't appreciating as much as SFHs, but then again, when do condos ever appreciate as much as SFHs?[/quote]
You actually have it exactly opposite. Older condos in the most central and core areas of DC have gone down. Condos in sub/ex-urbs have appreciated a little. The only place with decent price appreciation is new build in the Wharf/Navy Yard.

https://dc.urbanturf.com/articles/blog/the-five-dc-zip-codes-where-home-prices-have-dropped-the-most-in-2021/18582
https://www.washingtonpost.com/business/interactive/2021/mapping-dc-regions-2020-housing-market/[/quote]

Neither of those articles indicate that condos in DC have depreciated while condos in the exurbs appreciated (and, in fact, the analysis in the Post article [i]explicitly ignores condo sales[/i]). The median sales price for certain DC zipcodes may have fallen, but that could be explained just as plausibly (if not moreso) by a higher share of condo transactions dragging down median prices, and vice versa for the exurbs, where SFHs are the dominant housing type.[/quote]

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