If you are a homebuyer in the DC region and feel like your choices are limited, you are on to something.
In December, the supply of homes for sale in the DC area fell to its lowest level on record. There was about a three-week inventory of homes for sale, according to Bright MLS, which UrbanTurf determined is the lowest level since records started being kept in the early 2000s.
The supply of homes for sale in the region is dropping faster than anywhere in the Mid-Atlantic, per the Bright report, with active listings down 38% compared to December 2020.
"Limited inventory is the main reason there is slower housing market activity in the Washington, DC region, as prospective home buyers are becoming discouraged by a lack of options," the report stated. "Inventory levels ranged from just 0.8 months supply for mid-priced single-family homes to 2.3 months supply for higher-priced condos."
As UrbanTurf has noted over the years, the standard benchmark for a balanced housing market is a six-month supply of homes for sale, which means that if no new homes hit the market, the supply of homes would run out in six months. The last time the region had a six-month supply of homes for sale was 13 years ago and inventory hasn't been above three months since July 2012.
Thumbnail photo of a home that sold in DC in December.
This article originally published at http://dc.urbanturf.com/articles/blog/a-20-year-low-the-supply-of-homes-for-sale-drops-to-lowest-level-on-/19135
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Another development is moving forward spitting distance from another entrance of the ... read »
The outpost will bring some of Sandlot's successful partnerships and experiences to a... read »
With 2021 in the rearview mirror, UrbanTurf breaks down a series of numbers that prov... read »
The H Street Corridor once epitomized DC's development boom, but construction activit... read »
UrbanTurf is re-running its primer on property taxes which outlines a few things that... read »
After two years of market forces left this neighborhood nearly unrecognizable, signs ... read »
The Shaw pipeline is starting the year off hot.... read »
The upzoning would mandate additional Inclusionary Zoning units for developments alon... read »
Is U Street regaining steam as the development center of gravity in the neighborhood?... 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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro