The DC Area Has A Lot Of Homes On The Market, But Far Fewer Than 10 Years Ago

• July 9th

by UrbanTurf Staff

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Recent data has shown that the number of homes on the market in the DC region has shot up this year. In May, for example, there were 41% more active listings compared to last spring.

While record home prices, elevated interest rates and federal cuts are all contributing to the rise in inventory, there actually aren't a lot of homes for sale by historical standards.

The chart above illustrates the boomerang path of inventory in the DC region over the last decade. Back in 2015, there were nearly 20,000 homes for sale, double the number on the market currently. Between 2015 and 2020, inventory fell by about 1,500 units annually. This drop was the result of an active buyer market driven by historically low interest rates.  

Then the pandemic hit and inventory plummeted. Between April 2020 and April 2022, the number of homes on the market fell from approximately 9,500 to 4,500. At one point in the winter of 2021, there were just 3,500 homes for sale in the entire DC region. 

Inventory remained low until the beginning of this year when it began to rise, an increase that is bringing buyers back into the market. The region will likely continue to see an increase in listings, but we have quite a ways to go until we get back to 2015 levels. 

This article originally published at https://dc.urbanturf.com/articles/blog/the_dc_area_has_a_lot_of_homes_on_the_market_but_much_less_than_10_years_ag/23665.