As the Market Changes, DC Home Sellers Increasingly Slashing Prices

• July 29th 2022

by UrbanTurf Staff

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Home sellers across DC are finding that they aren't able to get the lofty prices that attracted buyers earlier in the year. 

The number of neighborhoods where at least 30% of listings have reduced their price rose from eight as of April to 19 as of June, according to data provided to UrbanTurf from Bright MLS. Approximately 25% of listings on the market in the city have experienced a price reduction through June, compared to 1 in 5 back in April. 

“Sellers may initially be reaching too high with their list price if they look at recent sales and expect to see prices continue to rise at the same rate we’ve been seeing over the past year," Bright MLS economist Lisa Sturtevant said. "Sales price growth has already slowed and competition is easing—instead of five or six offers, homes are receiving one, or maybe two offers. I would expect to see more price drops as we return to more typical year-over-year price appreciation.”

Above, UrbanTurf picked out a sampling of neighborhoods to illustrate where prices have been dropping. 

If you are curious about the percentage of homes that have seen price reductions in your neighborhood, shoot us an email at editor(at)urbanturf.com and we will give you the answer. 

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/as-the-market-changes-home-sellers-increasingly-slashing-prices/19929.