The spring housing market in the DC area in 2021, like much of the rest of the country, is characterized by a short supply of homes for sale.
To provide a sense of where the inventory shortage could be particularly acute, UrbanTurf did some digging to find the neighborhoods in the DC area where the pool of homes for sale was particularly small in March.
The three neighborhoods with the lowest supply of homes for sale were DC's Spring Valley and American University Park as well as the Virginia neighborhood of Del Ray. In each of these areas, there was less than a week's supply of homes for sale, which means that if no new listings hit the market, the supply of homes would be depleted in a week. Rounding out the areas where there was less than a three-week supply of homes for sale were the DC neighborhoods of Brentwood, Riggs Park, Bloomingdale and North Cleveland Park.
Another characteristic that most of these neighborhoods share is that they all have relatively high contract ratios. Contract ratio compares the total number of homes under contract in a given period to the overall number of active listings, making it a good marker for competition. In virtually all of the neighborhoods above, the contract ratio was above 2.0, but in some areas it was much higher. For example, in Spring Valley it was 9.0, which meant that nine homes were under contract for every active listing in March.
This article originally published at https://dc.urbanturf.com/articles/blog/the-7-dc-area-neighborhoods-with-the-fewest-homes-for-sale/18235.
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