Home Sellers Outnumber Buyers By 26% in the DC Area, New Report Finds

• July 14th

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

Home sellers in the DC area continue to outnumber the buyers looking to purchase their homes. 

A new report from Redfin estimates that there were about 26% more sellers than buyers in the region in June, a gap that widened slightly compared to May. That imbalance puts the region squarely in buyer's market territory by Redfin's definition.

The DC area is far from alone. Nationally, there were an estimated 48.5% more home sellers than buyers in June — nearly half a million more — with roughly 1.5 million sellers in the market, the highest level since 2020, compared to about one million buyers. Thirty-three of the 47 major metro areas Redfin analyzed qualified as buyer's markets, led by Miami, where sellers outnumbered buyers by 140%, followed by Nashville and a trio of Texas metros. Against that backdrop, the DC region's 26% gap looks relatively modest; the seven metros still favoring sellers were concentrated in the Northeast, where a persistent shortage of homes for sale and rate-locked homeowners have kept inventory tight.

"In most of the country, there are more homes to choose from, fewer bidding wars and more room to negotiate on price, closing costs and repairs," said Asad Khan, a senior economist at Redfin, adding that many sellers are more willing to compromise than they have been in years. 

The report notes an important caveat, however: it is only a buyer's market for those who can afford to buy, as high housing costs and economic uncertainty are precisely what sidelined many would-be buyers in the first place.

This article originally published at https://dc.urbanturf.com/articles/blog/home_sellers_outnumber_buyers_by_26_in_the_dc_area_new_report_finds/24813.