What's Hot: DC's 14 Million-Dollar Neighborhoods in 2023 | What the New FHA Mortgage Fee Cut Will Mean For Buyers
The DC Neighborhoods Where There Are Virtually No Homes For Sale
The month of March represents the beginning of the spring housing market, although in many DC neighborhoods a key element for that season is missing: homes for sale.
In our ongoing series that looks at the increasingly competitive nature of the DC housing market, UrbanTurf, with the help of Bright MLS, analyzed the neighborhoods that are experiencing a chronic shortage of homes for sale. And the list is fairly long.
There are ten neighborhoods in DC that have less than a four-week supply of homes on the market. What this means is that at the current sales pace, the supply of active listings would drop to zero if no new homes came on the market in a four-week period.
story continues below
loading...story continues above
In certain neighborhoods, the supply of homes for sale is much lower. American University Park and Michigan Park are two neighborhoods on opposite sides of the city that each have about a three-week supply of active listings. In Crestwood and North Cleveland Park, the supply of listings stands at about two weeks. And in Shaw, there is a mere nine-day supply.
The dearth of homes for sale in these ten neighborhoods has as much to do with rabid buyer demand as it does with fewer homes coming on the market. In all of the neighborhoods mentioned above, the contract ratio in March exceeded 2.0, meaning that there were at least two listing under contract for every listing on the market.
The chart above only includes neighborhoods with less than a month's supply of homes for sale, but there are many other areas with a chronic shortage. There following areas had just a one-month supply of listings in March: Anacostia, Foggy Bottom, 16th Street Heights, Glover Park, Petworth, Brentwood and LeDroit Park.
Similar Posts:
- From Fort Dupont Park to AU Park, DC's Multiple Bid Neighborhoods
- The 5 Most Competitive Neighborhoods for DC Homebuyers in 2018
See other articles related to: dc condo market, dc home and condo prices, dc housing inventory, dc housing prices
This article originally published at https://dc.urbanturf.com/articles/blog/the-dc-neighborhoods-where-there-are-virtually-no-homes-for-sale/13929.
UrbanTurf Listings showcases the DC metro area's best properties available for sale.
Most Popular... This Week • Last 30 Days • Ever
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »
The largest development on the boards for the H Street Corridor is planned for a fami... read »
It is early in the year, but there are already a number of areas around DC where home... read »
This week's Best New Listings includes a condo with a former life as a hotel entrance... read »
Today, UrbanTurf is taking a look at the tax benefits associated with buying a home t... read »
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
- DC's 14 Million-Dollar Neighborhoods in 2023
- Best New Listings: A Hotel Entrance Turned Condo
- A Look At The Tax Benefits of Buying a Home Through a Trust
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. Visit guides.urbanturf.com or 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
