Since November 2015, the inventory of homes on the market in the District has been above the two-month mark for just a thirty-day stretch, a statistic that is illustrative of how far we have been from the benchmark of a balanced housing market which is usually a six-month supply.
However, on a hyperlocal level, the inventory shortage is much more severe. There are seven neighborhoods in DC where the inventory of homes for sale has hovered around a month or less since the beginning of 2017.
The markets of Chevy Chase DC, LeDroit Park and Brightwood have all essentially had a month’s supply of homes for sale since the beginning of the year. What that means is that if no new listings came on the market, at current demand levels, the inventory of homes for sale would be zero in a month’s time.
In places like Shepherd Park, Mount Pleasant and Glover Park, the market shortage is much more acute. In Mount Pleasant and Shepherd Park, there has been just about a three-week supply of homes for sale for the last three months. The Glover Park supply has ranged between one week and two weeks since the beginning of the year.
The consequence of the low supply, in addition to frustrating buyers, is almost an across the board increase in home prices since the first quarter of 2016 in the neighborhoods above, with the exception of Brightwood.
This article originally published at https://dc.urbanturf.com/articles/blog/from_chevy_chase_to_ledroit_park_the_dc_neighborhoods_with_lowest_inventory/12500.
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