Northern Virginia Home Inventory Falls to 4-Year Low
The total available for-sale housing inventory in Northern Virginia is at its lowest point in four years, reports the blog Northern Virginia Housing Bubble Fallout. According to statistics from the region’s multiple listings service, the number of available listings on the market is approximately 7,500. In 2006, the available inventory was almost three times that.
Northern Virginia is defined as Alexandria, Arlington, Fairfax City, Fairfax County, Falls Church, Loudoun, Manassas City, Manassas Park, and Prince William. In the outside-the-beltway counties of Loudoun and Prince William, available inventory is actually below July 2005 levels, further evidence that while those regions were hit first and hardest by the housing collapse, they have also rebounded the quickest.
There are two schools of thought on the Northern Virginia housing market. Some believe that it is well on its way to recovery, and that statistics like these prove their case. Skeptics argue that the current housing inventory numbers are overly optimistic because they do not include the “shadow inventory” of foreclosed homes that banks have yet to put on the market.
Below is a graph from VirginiaMLS.com of the available inventory for each of the nine cities and counties in Northern Virginia from August 2005 to the present. It shows how inventory swelled from 2005 to 2007, only to plummet beginning in early 2008.
Too small? Click here to expand.
This article originally published at https://dc.urbanturf.com/articles/blog/northern_virginia_home_inventory_falls_to_4-year_low/1155.
Most Popular... This Week • Last 30 Days • Ever
A Cathedral Heights condominium—located on Cathedral Avenue—with outstanding buil... read »
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
- Two Bedrooms with Two Balconies on the Market in Amenity-Packed Cathedral Heights Condominium
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- The Price For A House in The DC Area Hit A New High in April
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro