You are right...you probably over exfoliated. It looks irritated. Give it time to heal. Don't touch or mess with it. I had the same issue when I used a little home microdermabrasion machine.  Everything was red and the scars I had looked very deep and pronounced. Much more than they normally were. It eventually went back to normal but it took awhile.
 

Does dermarolling help?

Tca cross for icepicks, microneedling for other scarring and texture and Vbeam Perfecta for redness.