The Increasing Supply Of Homes For Sale In The DC Area Is Driven By One Property Type

• August 13th 2024

by UrbanTurf Staff

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A report out this week on the state of the regional housing market highlights the increasing supply of homes for sale in the DC area, and more specifically, the property driving that rise. 

The Bright MLS report on the July market finds that the number of active listings increased 28% compared to a year ago, the sixth month in a row that supply has risen in the region. And condos are primarily the reason that supply is increasing. 

"Across the area, condo inventory has been increasing faster than either townhomes or single-family detached homes," Bright MLS chief economist Lisa Sturtevant tells UrbanTurf. "Condo inventory was up 42% year-over-year in July, compared to increases of 29% for townhomes and 18% for single-family detached homes."

The condo supply is now higher than it was before the pandemic, while townhome inventory is at 69% of July 2019 levels and detached home inventory is 42% of those levels.

"The rising inventory of condominiums provides more options for first-time buyers, but prices are still relatively high," the Bright report stated. "Mortgage rates will come down this fall, which will make it a little easier for buyers. However, single family inventory will still be low with sellers having the upper hand."

This article originally published at https://dc.urbanturf.com/articles/blog/the_increasing_supply_of_homes_for_sale_in_the_dc_area/22586.