Home | Newsletter | Advertise
loading...

Only 1% of Homes Have Traded Hands This Year

  • July 19th 2023

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

A new report out this week illustrates the current shortage of homes for sale from the standpoint of homes trading hands.

New data from Redfin finds that just 1% of homes traded so far this year, the lowest level in a decade.

"Roughly 14 of every 1,000 U.S. homes changed hands during the first six months of 2023, down from 19 of every 1,000 during the same period of 2019 and the lowest turnover rate in at least a decade," the Redfin report found. "That means prospective homebuyers have 28% fewer homes to choose from than they did before the pandemic upended the U.S. housing market."

The report finds that the turnover rate for larger suburban houses has dropped even more. In the first six months of 2023, 16 of every 1,000 suburban homes with at least four bedrooms turned over to a new owner, compared to 24 of every 1,000 in 2019.

In the DC region, the inventory of homes for sale is down 20% compared to last June, and home sales are down a comparable 19%. 

This article originally published at https://dc.urbanturf.com/articles/blog/only_1_of_homes_have_traded_hands_this_year/21273.

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse