A 20-Year Low: The Number of New Listings in the DC Area Falls To 2003 Levels

  • August 14th 2023

by UrbanTurf Staff

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A home that sold in Georgetown in July. 

The number of listings that hit the market in the DC area in July fell to a level not seen in 20 years. The glaring issue was the primary theme in a report on the regional housing market published last week by Bright MLS. 

"The number of new listings coming online hit a more than two-decade low and tracked 34.4% below last year’s level," the report stated. "Overall, across the region, there were just 5,731 total active listings at the end of July, down 29.3% from a year ago and less than half of the inventory that was on the market prior to the pandemic."

Click to enlarge.

The dearth of homes for sale combined with an active pool of buyers is driving home prices up. In July, the median home price in the DC area was $590,000, a 4.8% increase compared to a year ago and the biggest jump since June 2022.

"Detached homes had a much smaller increase (2.0%) in comparison to attached homes (4.6%) and condos (5.7%)," the report stated. "Overall, the median home price in the region is nearly 30% higher than it was in 2019, which has put greater pressure on affordability."

This article originally published at https://dc.urbanturf.com/articles/blog/a_20-year_low_the_number_of_homes_for_sale_in_the_dc_area_falls_to_new_dept/21348.

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