As increasing demand continues to constrain the supply of homes for sale nationwide, many homebuyers are having difficulty finding homes within their budgets. A new report from Trulia explores the extent to which the housing market nationwide and in various metropolitan areas is out of sync with what buyers are looking for.
Specifically, 10.4 percent of searches at various price-points by would-be homebuyers across the country fail to find a match amongst the available properties, up from 8.3 percent of searches in 2015. The Houston and Dallas metropolitan areas have the highest market mismatch scores, at 31.2 and 30.3 percent respectively. For the report, Trulia gauged the price points that home buyers are searching for, and compared those to the prices of available properties.
The DC area market is comparable to the national market when considering whether searches match the housing supply. In 2016, 11.3 percent of home searches failed to match up with available properties — an increase of 3.8 percent from 2015.
Fifty-seven percent of searches in the DC area were below the area median listing price, also an increase since 2015 when 54.9 percent of searches were below the median. A market is considered balanced when 50 percent of searches are either below or above the median list price.
The study gathered data by examining the active listings in the 100 largest U.S. metropolitan areas from March 15, 2016-September 15, 2016 compared to how many times those listings were viewed.
This article originally published at https://dc.urbanturf.com/articles/blog/11_pct_of_dc-area_buyers_cant_find_homes_within_budget/11761.
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf created Pipeline, a searchable database of multifamily projects that are un... read »
As we head towards the end of the year, UrbanTurf is wrapping up its coverage of larg... read »
Prices in Wesley Heights, a DC neighborhood to the south of Spring Valley bordered by... read »
The plans for the new two-building residential project at Union Market got a big thum... read »
Today, UrbanTurf takes a look at the distinct differences between these two popular f... read »
A new report out this week found that homes in the DC region are selling nearly a wee... read »
When Amazon announced in 2018 that it would be opening a second headquarters in Virgi... read »
A revised plan is on the boards for a group of five townhouses in the middle of China... read »
The proposed district would encompass the neighborhood's commercial strip along Conne... read »
WTOP is reporting that The Heights, an eight-stall food hall that is taking over the ... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro