Current housing market

[carrotsmakemefat]

What are you all seeing where you are ? I’m 20 miles outside D.C. it’s slowing a bit as school is getting ready to start & (of course) interest rates.
Houses lower than 600k are still selling at a decent rate. Anything higher I’m noticing more price drops.

I have a good friend who was going to sell her home out west, but it sat for 3 weeks and she took it off the market and decided to stay.

[melmel48]

Things seem to still be moving quickly around here; 20 miles north of Boston. The place across from me (3 unit home) went on the market for 1 million dollars and was under agreement that weekend. I am not sure what the sale price was though.

[moonpie]

Housing is still ridiculous here (LCOL area). Still bidding wars and sales prices are generally above list price. Realtor.com shows that any good inventory listed more than a week ago is either pending or contingent.

We bought our house 5 years ago. We had it appraised to refinance last March and it had increased by $115k in value. Our neighbor just sold theirs for an additional $50k from our updated appraised value. The houses are almost identical colonials.

[mommin]

We relocated almost exactly a year ago. When we were looking there we’re about a dozen houses that met the search parameters and only three worth looking at in person. Now, there are at least three times that many. Most homes are still going pretty quickly but a lot of them are lowering prices. Those prices are still much high but it isn’t the type of market where you could make up any astronomical number and someone would pay that or more. Houses now are selling pretty much at listing rather that the 5-10% above asking like they were a year ago.

[simpsongal]

Northern Virginia, so your area too. Well priced houses are still flying off the market quickly, esp anything under $1.5M. There's very little supply. Houses trying to price high, like higher than the peak are sitting and getting price cuts of $25-50K. So I think there are eager buyers out there, you're just not seeing 10-20 offers w/houses going $150K over list. But houses are coming on the market priced higher than they were 2 yrs ago since we have a year+ of high prices to support those high listings (and appraisals).

[plutosmoon]

The market is still tight where I am due to low inventory. I'm in ruralish western ma, July is past the peak of summer home buyers, but still busy for listings. Houses priced under 250k are still going quick. I've noticed people are pricing too high and the houses are sitting. I'm going to an open house on Thursday for a house that probably would have gone fast at 230k, but is sitting at 265k. I'm also keeping my eye on another house priced at 290k, it's been sitting for over 2 weeks. Everything is still weird and unpredictable, I just want out of my rental and into a house. I guess the plus is my down payment keeps growing.

[Susie]

I think it's slowing a bit here.  There seem to be more listings, and I'm betting slightly fewer buyers because borrowing power is down.  I'd bet there are fewer offers per listing.  This is reflected in sale prices that are a lower % above asking than we were seeing last year.  A few other amateur observations:

1.  Houses are still selling really quickly when they're priced right.  By "right," I mean priced at the asking price of the comps -- not the sale price of the comps.  Houses that list at the sale price of their comps sit, and end up lowering their price.  Houses that list at the list price of their comps, end up at the sale price due to bidding wars.

2.  Fixer uppers are sitting on the market, and when they sell, they're below list.  Move in ready is at a premium.  

3.  I'm seeing a lot more "back on the market!" listings than last year.  Looks like deals are falling through a lot more frequently.  IDK if it's buyers getting cold feet and backing out during attorney review or financing falling through.

House that satisfy #1 and #2 are still selling immediately.

[purplepenguin7]

I bought earlier this year but my ex-realtor never removed me from her auto emails with my search specs. Inventory is still low and nothing seems like a "must have" in my low budget (for my area). There was one single house that I saw that I thought "I would look at this one if I hadn't already bought". It was at the very top of price range and sold for 10% higher, which wasn't even really happening during the height of the market. So my personal andectotes are inventory is still low, over-priced non-updated houses are seeing some price cuts but still priced way higher than pre-covid.

A house down the street from me listed at what we bought for in January but they have 1.5 less bathrooms (no master) than we do and no central air. I'm not sure what they actually sold for but it sold in 2-3 weeks with no price cuts so I imagine it went for list or possibly very slightly under.

Also adding my market was never white hot.  I very rarely saw a house sell in 2-3 days that so many other markets were experiencing. The fastest selling house we considered/looked sold quickly but just 10k/3% over asking in August 2021. 

[sadlebred]

Northern Metro Atlanta. My suburb seems to be cooling a bit. Most of the houses around me are in the $400-700,000 range with a few outside of that. Some that are priced right and/or are updated/renovated are selling quickly. Those that have no updates and/or are overpriced are sitting for weeks or even a couple of months (OpenDoor houses, maybe a special case).

[chpmnk1015]

NNJ and houses in some towns are still going for prices well above asking price and a few realtors I know recently mentioned still bidding wars though fewer than last year...but still multiple bids above asking

[imojoebunny]

Intown Atlanta, I am definitely seeing a slowing in higher end homes, but we have had some crazy increases in the last 9 years, and some people are asking dreamer prices for over improved for the neighborhood places, IMO. We sold a rental house right before interest rates went up, in early April, and had 8 offers, all well above asking, in 24 hours. That kind of frenzied bidding has slowed. It was an expensive house, not anywhere near a starter home price point. I am still kind of baffled that someone payed what they paid for it. I don't think we would get near the same interest 3 months later.

[bee20]

In my lower-tier neighborhood values shot up during covid but have leveled off. Within 2 blocks we have 4 houses for sale at the same time, when there had only been 1 periodically during the last 2 years and there are no crowds at open houses.

Values are mostly holding, but houses are going for list when they used to go 5-10% over. A coworker in a wealthier area told me the house next to him went for 10% under list, which is about 12% under what he bought his similar house for at the end of last year.

[jewel]

I am in northern Ca, and the market has cooled significantly. Prices are still relatively outrageous, but the market is now fairly saturated and houses are sitting for a bit. In my neighborhood, most are going at least 5% under ask, and many are offering buyer’s credits again (which I haven’t seen in a long time).

There is a house on my street sitting at $1.2 million. 6 months ago, it probably would have sold for that much or maybe just a bit less. They went on the market about a month ago and most of their open houses haven’t even gotten one visitor. They just lowered the price by $10k…lol. My guess is that current market value is going to be around $900k, based on other recent sales.

We bought our first house at the very bottom of the market, which allowed us to upgrade the equity into this house. It just blows my mind what first time home buyers are looking at now. There’s no way we could afford our current house at present value.

[winnied]

I'm in a midsized midwestern city and things are slowing down here. I've noticed that homes that previously would have sold in a week are on the market for over a month. Pricy homes/areas are slashing prices to sell. The "cheaper" homes, though, are staying price-stable at the higher prices they've asked.

[midwestmama]

I'm in a MCOL in the Midwest (greater metro area is around 1 million people). I talked with my friend who it a realtor last night, and she said that she's definitely seeing a slowdown. Houses that are higher priced and need lots of updating/repairs are starting to sit for longer. She said that a few months ago, it was typical to see house prices around $250-$300/sq. foot, but now, in order for homes to sell in a reasonable amount of time, prices need to be under $250/sq. foot. She's also seeing towns that are further from the city are selling much slower than homes in towns/suburbs that are within a 30 minute commute to downtown.

[k3am]

Bay Area and things are slowing down in my neighborhood. Good houses are still selling relatively quickly, but people have finally stopped snapping up homes with issues. We've had one down the street that was on the market for a couple months, which has been virtually unheard of here for the last 5+ years. I thought it was just the market cooling off, but several others have listed and sold quickly in the same time frame.

[ellipses84]

In SoCal it’s slowing down a little. My neighborhood which is one of the more affordable went from $600k in 2017 to $900k for tiny 3 bedroom/2 bath SFHs in 2021. Some even went for $1 million plus but that’s where I feel like most buyers were no longer interested even while interest rates were low. Now that interest rates went up, I’m seeing more in the $850k range, $10-$30k price drops for houses on the market for a few weeks, more fixer uppers (many someone lived in for decades being sold as-is), etc. rather than homes selling for $50-100k over asking price. I don’t think prices will drop below $800k though.

[icedcoffee]

We’re under contract for a beach condo. We’ve been watching the market for a couple years. We made an offer 5 hours after it hit the market. 24 hours later they accepted our offer, but there was 1 other. Our offer was full price and probably a small amount higher than December 2021 but in line with March 2022.

A few places in our home neighborhood (DC Suburbs) were priced too high and they are sitting. I think people thought they could cash in but it’s clear they are too late.

[Deleted]

NC, our market seems to be leveling out a little bit as interest rates rise and we move toward the end of the summer. Prices are still crazy high, but there doesn’t seem to be quite as much demand, so we aren’t seeing those crazy multiple-bid situations driving prices up-and-up-and-up. I think it would take a major recession for the prices to go back down again, but for now it seems to have leveled off.

[bcv513]

I'm just outside of Boston and I think it's definitely cooling at the higher price points. For the first time, I'm seeing lots of price reductions for anything over 600k. I feel like anything between 400-500 is still going really fast

[sunnydays]

We are in the Annapolis area and houses are still selling super fast in the $1M range. You can’t really find a home for less than $600k. We have another house at the jersey shore that we were going to sell, but the market is still hot there, so we are holding off on selling a little longer. In our neighborhood over the past 2 months, every house closed for $100-200k over asking.

[quesyrah]

It seems to be cooling in my area of Southern CA.

In spring 2021 I sold my parents house to move them to memory care. We listed on a Tuesday, had over 40 showings the first weekend and we’re under contract the following Tuesday for $100,000 over asking. I could not believe what we sold the house for. Other than all new plumbing and AC, that house hasn’t been updated in 20 years.

Another house on their street, a good comp to my parents home, just sold for $175,000 less than what I sold for.

[wildrice]

It sounds like ours has cooled, though the prices haven't quite dropped yet. I was actually just in my neighbor's house, which is up for sale and is having an open house today. I was just being nosy, I'm not moving next door obviously. Anyway, it is for sale for 70k more than what we paid for ours 2 years ago, which is about a 25% increase, but TBH I am not sure it will go for that much - I was chatting with the realtor and she said things are not flying off the market like they were. There has been some interest in the house so I guess we will see. Frankly, I think I would have struggled paying that much for it - our houses are fine but nothing special. The town we live in is pretty sought after, though, and there isn't a ton in this price point. Between the high prices and higher interest rate, I'm just so glad we bought when we did and aren't planning on moving. I think it would be a really hard time to be first time homebuyers.

ETA: Over 2 weeks later, there has been a ton of interest but apparently no good offers - they dropped the price 15k. Other houses that have been on sale in my immediate area in the last couple of years have flown off the market at similar prices, so I guess we really are cooling. 

[aprilsails]

I’m in Ontario (HCOL area) and prices are dropping pretty quickly now. Houses are sitting on the market for well over a month since May and the interest price hikes each result in houses dropping their prices by $30-50k. There is also more inventory in my area then I have seen in three years.

Cottages are not moving at all. I’ve been watching that market more closely and many nice places have been for sale since March, with minor, and obviously inadequate, price decreases. We couldn’t possibly buy now but I’m interested in seeing where prices go. We want to buy the cottage that we borrow from my Dad’s friend (we’ve been asking to buy it for years since they don’t use it). So we keep an eye on the market to be able to offer the right amount next time we try.

[ny96]

We’re in SoCal. Our neighbors listed their house in June and it sat without any offers for 6 weeks before they took it off the market. That would not have happened a year ago.

[niq]

Prices have softened a little in Seattle. At one point you couldn't find anything for less than $600/sqft, but now I'm seeing even a few places with recent updates under $500/sqft.

I think there were a decent number of folks who moved over the summer. There are definitely more listings in our part of town than since even 2019. One of our friends is moving to SF, they're listing their house here, but if they can't get a price they like they might rent it for a year.

[sandandsea]

Jul 27, 2022 12:03:38 GMT -5 k3am said:

Bay Area and things are slowing down in my neighborhood. Good houses are still selling relatively quickly, but people have finally stopped snapping up homes with issues. We've had one down the street that was on the market for a couple months, which has been virtually unheard of here for the last 5+ years. I thought it was just the market cooling off, but several others have listed and sold quickly in the same time frame.

Same. Good houses are still being listed high and selling high with a few offers, not 20 like in some precious periods, while houses with issues sit a bit longer and might sell under listing. It’s still a sellers market and I think our “cooling off” is still a pretty strong market.

Eta a house just up the street hit the market yesterday and is listed for what a similar one sold for about 6 months ago so I’m interested to see where it lands. It’s gorgeous and a great space so I think it will do well. Open house this weekend.

[goldengirlz]

The tech industry has taken a beating after VC funding dried up; many companies here have had layoffs or hiring freezes. That’s been reflected in our housing market — but we still have an inventory shortage so prices are still eye-popping. Like last year’s $3m house might be going for $2.7m in this market but the price of entry is still astronomical.

[scm1011]

I’m in a hot Boston-adjacent city and the market definitely seems to have cooled a bit. $$$ houses and condos are sitting longer, but any SFH in the $800-$1M is still flying pretty quick.

[mlkgls]

I’ll echo what everyone else has said. Reasonably priced homes are selling, albeit more slowly than before, but overpriced homes are sitting. The house across the street is for sale at a similar price point as a house a block away that sold in the spring. It’s not quite as updated, but has a pool, and there doesn’t appear to be much interest. I’d be surprised if it sells at the current price, even after one price drop.

Prices and taxes have escalated significantly in the eight years since I purchased my home and I would welcome a little slowdown. I’m in a more mature neighborhood in a northern DFW suburb, not necessarily a hot place to buy, and my home value has more than doubled.