Thoughts about the DC area housing market (cheapest, foreclosure, prices)
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My husband and I have been working with a realtor in the DC area since August. We're looking for a single family home only. We've noticed that prices aren't really going down much from the list prices, even when the properties have been on the market a long time--i.e. several months. The prices are going down maybe $10,000-$20,000 or so. I wondered what people's thoughts are in general about this area's housing market over the next 6 months or so. We're ready to buy, but just aren't seeing anything in our price range that seems appealing.
My husband and I have been working with a realtor in the DC area since August. We're looking for a single family home only. We've noticed that prices aren't really going down much from the list prices, even when the properties have been on the market a long time--i.e. several months. The prices are going down maybe $10,000-$20,000 or so. I wondered what people's thoughts are in general about this area's housing market over the next 6 months or so. We're ready to buy, but just aren't seeing anything in our price range that seems appealing.
Home prices inside the Beltway (or very close to it) are maintaining their prices much better than the "far off" suburbs. One of my former co-workers sold his house in Tyson's Corner for 820K (he listed it for 835K) in 1 week last month. My other friend sold her home in Chevy Chase for 930K (list price was 950K) in 1 month in October.
People out in the outer suburbs are having a much harder time. I hate to bring up income levels but counties such as Prince William county on the Virginia side and Prince George's County on the Maryland side probably account for over 50% of the "DC area" foreclosure stats (my best guess but those of you who live in the area know what I mean).
Loundon County which experienced much greater growth appreciation than the inner suburbs is facing tough times also; home prices have fallen dramatically.
Just remember the areas where investors focused on during the housing boom in the DC area. Those areas are facing the most drastic price reductions. Very affluent areas in the DC area have maintained their home values (although they have probably dropped at least 10% from peak prices). Those outer suburb area home values have dropped anywhere from 10-30% from peak values depending on the location.
You may find this hard to believe but the Eastern Panhandle of West Virginia is being referred to as a "suburb of DC". Home prices there went crazy - not sure what they are doing now or for the future.
Very affluent areas in the DC area have maintained their home values (although they have probably dropped at least 10% from peak prices). Those outer suburb area home values have dropped anywhere from 10-30% from peak values depending on the location.
This is depressing. Dropping just 10% from peak prices? Wow. We're looking mainly in McLean, Vienna, Dunn Loring, Falls Church and Bethesda. We're looking in the $550-$700 price range for a SFH. We aren't finding much that is appealing, and there doesn't seem to be much inventory at all. Prices haven't dropped much from this summer, when we started looking.
This is depressing. Dropping just 10% from peak prices? Wow. We're looking mainly in McLean, Vienna, Dunn Loring, Falls Church and Bethesda. We're looking in the $550-$700 price range for a SFH. We aren't finding much that is appealing, and there doesn't seem to be much inventory at all. Prices haven't dropped much from this summer, when we started looking.
For your price range 550-700K in the above areas, you are probably looking at older homes that may or may not be renovated. Washington DC is a very affluent area in itself. I think the median household income in Fairfax/Montgomery/Loundon counties average around 95K. People have money in this area.
I have one of the cheapest townhouses in Maryland and my townhouse is 600K, while the single family homes run 700k-1.5 million.
You will get more value out in Loundon county or Prince William County. But those are far commutes especially if you work in the city. Some people just do not want to live in Prince George's County all together because of the crime rate.
You will get more value out in Loundon county or Prince William County. But those are far commutes especially if you work in the city. Some people just do not want to live in Prince George's County all together because of the crime rate.
I agree with you, but we do not want the long commute. You are right that we are mainly seeing older houses, but some of them are nicely updated, at least in some areas.
If you are you looking for home in the actual city of DC, then you may have better luck. The prices in the city were very inflated and now they are coming down. You can especially find some nice row homes owned now by bank because people where spending above their means.
If you are you looking for home in the actual city of DC, then you may have better luck. The prices in the city were very inflated and now they are coming down. You can especially find some nice row homes owned now by bank because people where spending above their means.
I believe the OP probably has a family with kids so they are looking in the closed in suburbs with good school districts and we all know how wonderful the District of Columbia's school system is (sarcasm).
Many of the row homes were in previously shady areas of town (NE DC, areas east of 16th street, U street area, some part of SE) can be had for a good price.
But you won't find many good deals places like Cleveland Park or Kalorama.
If you are you looking for home in the actual city of DC, then you may have better luck. The prices in the city were very inflated and now they are coming down. You can especially find some nice row homes owned now by bank because people where spending above their means.
Actually, we are only interested in single family homes. We are so tired of having neighbors right next door who annoy us with their loud noise, smells, etc. We want a nice sized yard too.
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depends on your definition of "DC" area
