The Return of DC's Housing Inventory
The porch at 5368 27th Street NW, which recently hit the market.
It has been quite awhile since the area housing market favored the buyer, as demand has long outpaced available homes for sale in the region. But that could be changing.
For the sixth month in a row, the inventory of listings for sale in the DC area increased compared to the previous year, according to a report out from RealEstate Business Intelligence on Thursday.
There were 7,604 active listings in the DC area at the end of March, a 21 percent increase over March 2013. Condo supply rose at the fastest clip, increasing 35.1 percent (or 519 listings), followed closely by townhouses, which rose 34.6 percent or 344 listings.
Prices increased right along with inventory, rising on an annual basis for the 26th consecutive month to $389,900, reaching the highest March level in seven years. Prices rose the most in Prince George’s County, Fairfax and Falls Church. In DC proper, prices were up about 3 percent over March 2013, and in Montgomery County and Arlington, they remained flat.
While inventory and prices headed north in March, buyer activity was still experiencing a bit of a winter hangover. Activity on closed sales and new contracts fell 11.2 percent and 6.8 percent, respectively, compared to last March. It was the third consecutive month that closed sales fell off from the previous year.
“Buyer activity in the region has been subdued over these uncommonly harsh winter months, but is likely to return as spring arrives,” the report noted.
See other articles related to: dc home prices, dc housing inventory, dc housing prices, housing inventory, realestate business intelligence
This article originally published at https://dc.urbanturf.com/articles/blog/housing_inventory_returns_to_dc_area_in_march_as_prices_rise/8342.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
Nearly 1,400 residential units are on the boards around Union Market, about the same ... read »
Plans are moving forward at the site of a long-planned project in Ivy City, however w... read »
Up 8% year-over-year, it is the first time that prices have exceeded $800,000 for det... read »
If there was ever a place where the old adage “one man’s trash is another man’s... read »
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- Hotels, A Public Park and The 1,400 Units In The Works For Union Market
- Douglas Development Pitches Large Warehouse For New City Site Along New York Avenue
- The Price For A House in The DC Area Hit A New High in April
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
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!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro