Yeah, it's coming. Here in my neck of woods a detached SFH is $1.2 to $2 million. They're not gonna sell when the monthly note is approaching $10k per month.
DC median home price went from 435k in 2007 to 345k in 2009 and didn’t hit 435k until 2012. Median prices are in the low 700s today.
Detached SFH went from 750k in 2019 to 1.3M in 2022. New detached SFH just don’t get built inside the beltway for DC or NoVa. However, couples making 300k are a dime a dozen.
My guess: Condos will drop 15%, row houses 10%, and SFH drop 5%.