More Sellers Than Buyers In The DC Region — But the Gap Is Smaller Than You'd Think

• March 23rd

by UrbanTurf Staff

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A new report out this week adds context to the market tilting in favor of buyers in the DC region.  

There were an estimated 19% more home sellers than buyers in the DC area in February, according to a Redfin report out Monday, translating to roughly 18,418 sellers competing for the attention of about 15,524 active buyers. That imbalance officially puts the region in buyer's market territory.

That said, DC's tilt toward buyers is relatively modest compared to what's happening elsewhere in the country. Nationally, there were an estimated 46.3% more home sellers than buyers in February — or about 630,000 more sellers, the largest gap dating back to 2013. 

As for why buyers are pulling back nationally, the retreat comes down to a combination of stubbornly high home prices and mortgage rates, layoffs, and mounting economic and political uncertainty. That pullback has had a ripple effect: the number of homebuyers in the market fell 2.4% month over month in February to an estimated 1.36 million, while the number of sellers posted a smaller decline, falling 0.4% to an estimated 1.99 million. For DC-area buyers who can afford to be in the market right now, the data suggests there's more room to breathe — and negotiate — than there has been in years.

This article originally published at https://dc.urbanturf.com/articles/blog/more_sellers_than_buyers_in_the_dc_region__but_the_gap_is_smaller_than_youd/24444.